Friday 20 January 2017

Dirt tax shambles needs to be cleaned up once and for all

Published 05/10/2016 | 02:30

The tax on savings is now so high that it is failing to work as a revenue-generating measure. Photo: Brian Lawless/PA Wire
The tax on savings is now so high that it is failing to work as a revenue-generating measure. Photo: Brian Lawless/PA Wire

It may have seemed like a good idea, at a time of austerity, to keep hiking the tax on savings in a bid to force householders to withdraw their money and spend it.

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That was the thinking when the deposit interest retention tax (Dirt) rate was doubled from 20pc in 2008 to 41pc at present.

But the high-tax plan has completely backfired.

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