Tax and Your Savings

The following is a brief explanation of the Share Accounts now available in Sarsfield Credit Union Ltd.

1. Regular Share Account:

• Dividend is posted gross to the account every year.
• It is the responsibility of the account holder to inform the Revenue Commissioners of any dividend posted to the account in his/her annual Income Tax return.
• The Revenue Commissioners have the right to inspect the books and records of all financial institutions, including the Credit Union, with regard to individual's accounts.

2. Special Share Account:

• Dividend is posted net to the account every year after deduction of Retention Tax from the gross dividend earned.
• The Credit Union will deduct the tax and will pay it over to the Revenue Commissioners on behalf of the account holder.
• The rate of retention tax will be the prevailing rate announced in the Finance Act each year.
• Credit Unions are not required to submit details of individual members from whom they have deducted tax.