Not all people over the age of 65 are exempt from Deposit Interest Retention Tax (DIRT), contrary to a statement made in a Family Money report on deposit accounts last week.

Only people whose total income is below their exemption limit can claim a refund of DIRT when they or their spouse is aged 65 or over.

The applicable exemption rates are £7,000 (€8,888) for a single or widowed person, and £15,000 for a married person.

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