The Finance (No. 2) Act 2013 increased the rate of Deposit Interest Retention Tax (DIRT) from 33% to 41% with effect from 1 January 2014.  This rate increase is aimed at discouraging saving to generate increased consumer spending in the economy.  The DIRT rate increase has been criticised by commentators for affecting low income persons, particularly those who pay income tax at the standard 20% rate.  

Contributed by Tina Curran.

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