Budget 2014: What it means for savers

Consumers have already seen the value of their savings eroded recently. Emma Kennedy on what Budget 2014 means for savers.

15th October, 2013
DIRT will increase by just over 24 per cent from January 1.

Consumers have already seen the value of their savings eroded recently with the interest rates paid on deposits by banks dropping significantly.

Deposit Interest Retention Tax (Dirt), which is applied to the interest earned on savings, will increase by just over 24 per cent from January 1. That’s up from 33 per cent to 41 per cent.

The government expects to yield €105 million from the Dirt increase in 2014, but don’t forget this hike in the...

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