Written Answers Nos. 278-298
278. Deputy Barry Ward asked the Tánaiste and Minister for Finance the position regarding any initiatives under review within his Department that seek to promote investment in the stock market; and if he will make a statement on the matter. [66052/25]
View answerIreland possesses a high savings deposit rate which reflects the success of our economy for our citizens in recent years. These savings could provide greater returns for individual citizens and the wider economy if they were invested. However, Ireland does not yet have a diversified savings and investment culture, as a large amount of private savings are still held in low-yielding bank deposits. We are not unique in Europe in that regard.
This is the central thrust of the EU’s Savings and Investments Union (SIU) initiative. It aims to help citizens to invest more so as to increase the amount of money they have in their retirement and to use the invested money to grow businesses, thus bringing more growth to the economy.
At the EU level, the European Commission launched the SIU Strategy in March, which includes measures to advance the Capital Markets Union (CMU) project. The SIU seeks to increase investment in the economy and promote EU companies’ competitiveness through various measures, such as supporting the development of national capital markets, revitalising the securitisation market, increasing retail investor participation in capital markets, and promoting SME investment. These measures build on those contained within the CMU Action Plan of 2020, which included a number of legislative files, including the Listings Act, ESAP (European Single Access Point) and MiFID II Review, which are currently being transposed. Ireland is a strong supporter of the SIU initiative and is actively involved in its development, including measures specifically designed to promote more retail investment.
At the national level, we are reviewing the recommendations from the Funds Review. On 22 October 2024 ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’, also known as the Funds Review, was published. It was a wide-ranging review of the funds and asset management sector. The report made eight recommendations on the topic of retail investment, including recommendations to better align the tax on investment funds and life assurance products with that of direct equities by removing deemed disposal and aligning the rate of tax to 33%.
The report also noted that there may be merit in exploring an incentivised savings and investment account in due course and developments at EU level in the context of the EU SIU will have relevance in this regard. However, the report concluded that measures proposed for amending the existing taxation of investment funds and life assurance products should be prioritised as these address the most substantive issues raised as part of the review.
Budget 2026 marked a positive step in this regard, with amendments to be made to reduce the rate of taxation that applies to Irish and equivalent offshore funds and Irish and foreign life assurance products from 41 per cent to 38 per cent. Budget 2026 also committed to the development of a roadmap, for publication in early 2026, which will set out an approach to simplify and adapt the tax framework to encourage retail investment. It will take into account the European Commission’s recommendation on Savings and Investment Accounts published on 30 September 2025. As part of the process, a Savings and Investments forum will be convened in early 2026 to bring together stakeholders from Ireland and abroad.
Under the current Programme for Government, we have published an implementation plan taking into consideration the Funds Review recommendations to unlock retail investment and opportunities to grow this sector in Ireland. An implementation plan for consideration has subsequently been published as part of Budget 2026 on October 7.
279. Deputy Barry Ward asked the Tánaiste and Minister for Finance if his attention has been drawn to the UK's Individual Savings Account (ISA) scheme; if a similar scheme could be considered in Ireland; and if he will make a statement on the matter. [66053/25]
View answerThe central thrust of the Savings and Investments Union (SIU) project is to help European citizens to invest more so as to ensure that they have better financial outcomes and are better provided for in the future. Furthermore, the EU SIU project is also about trying to deepen the pools of capital that can be made available for investment purposes so as develop businesses bringing more growth to the European economy. In March, the European Commission launched the SIU Strategy, which includes measures to advance the Capital Markets Union (CMU) project. Included in this strategy was a commitment to adopt a European blueprint for savings and investment accounts.
In this regard, on 30 September, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts (SIAs) in Member States. The Recommendation outlines the key characteristics that SIAs should have to maximise their uptake and help achieve the objective of boosting retail participation in capital markets.
Ireland is committed to support initiatives that enhance retail investor participation in capital markets. As such, I welcome the publication of this Recommendation. While Ireland does not have a specific investment account for retail investors in place, the tax treatment of retail investments was considered as part of a broader review into the Funds Sector in Ireland that was carried out last year, which culminated in the ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ report that was published in October 2024.
As part of Budget 2026, the government announced its intention to publish a roadmap in early 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs. In addition, in recognition of the importance of encouraging retail investment, Finance Bill 2025 includes provision for a reduction in the rate of taxation that applies to Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38%.
280. Deputy Barry Ward asked the Tánaiste and Minister for Finance his views on whether the existing level of deposit interest retention tax acts as a disincentive to investment in the stock market; and if he will make a statement on the matter. [66054/25]
View answerDeposit Interest Retention Tax (DIRT) is a withholding tax that is deducted by Irish financial institutions on deposit interest paid or credited on the deposits of Irish residents. Since 1 January 2020, the DIRT rate is 33%. DIRT is a final liability tax. This means that an individual has no further tax liability in respect of the deposit interest earned. Deposit interest is specifically excluded from the Universal Social Charge. Individuals may however have a liability to Pay Related Social Insurance (PRSI) in certain circumstances. There are various exemptions from the obligation to deduct DIRT on deposit interest paid or credited by financial institutions.
Individuals can invest in the stock market by directly acquiring shares in a company or by investing in an investment fund which includes an Exchange Traded Fund.
Where an Irish resident individual invests directly in a company by acquiring shares in the company, any income payments received (e.g. dividends) from the company are subject to income tax at the individual’s marginal rate of tax and gains from the disposal of shares are subject to capital gains tax at a rate of 33%. Irish resident investors account for this tax through the self-assessment system.
In relation to investments in investment funds, the domicile of the investment fund will generally determine the applicable fund regime, specifically whether the domestic funds regime or the offshore funds regime applies.
Investment funds generally make multiple acquisitions and disposals of assets over the lifetime of the fund and will be in receipt of income and gains in respect of fund assets. Where the relevant fund is an Irish domiciled investment fund, or an investment fund located in the EU, EEA or an OECD member state and which is substantially similar to an Irish domiciled investment fund, the gross roll-up regime applies and there is no annual taxation of the income and gains of the fund. Instead, exit tax arises in respect of payments made to certain unit holders in that fund or on the sale of units by those unit holders. To prevent indefinite or long-term deferral of this exit tax, a disposal is deemed to occur every 8 years. The taxable gain arising on the 8-year deemed disposal (the chargeable event) is the value of the units at the time less the amount invested. Provision is made in Finance Bill 2025 to reduce the rate of exit tax from 41% to 38%.
In respect of investment funds domiciled in the EU/EEA or in another OECD member state, but which are not substantially similar to an Irish investment fund, the applicable tax treatment in respect of income and gains arising will follow general principles of taxation in Ireland. That is, any income payments will be subject to income tax at the individual’s marginal rate of tax, USC and PRSI may apply. Gains on disposals will be subject to capital gains tax at 33 percent.
Funds that are not located in an OECD member state or the EU/EEA are taxed differently depending on whether they are distributing or non-distributing funds. Further information is available on the Revenue website.
The need to grow retail investment in Ireland, and across the EU, is recognised, including in the Funds Review. As set out in the Funds Review Implementation Plan published on Budget Day, and as noted by my predecessor, Paschal Donohoe, in his Budget 2026 speech, a roadmap will be published in early 2026 which will outline how the current system of taxation for retail investment will be simplified and adapted. The roadmap will take account of the recommendations of the funds review in relation to retail investment and developments at an EU level in respect of the Savings and Investments Union.
281. Deputy Barry Ward asked the Tánaiste and Minister for Finance his views on whether the existing level of capital gains tax acts as a disincentive to investment in the stock market; and if he will make a statement on the matter. [66055/25]
View answerCapital Gains Tax (CGT) is chargeable on a gain arising on the disposal of an asset, including a residential property, at the rate of 33%. The first €1,270 of chargeable gains of an individual in any year are exempt from CGT.
The existence of a 33% rate of CGT can help maintain a balance between the rate of taxation of capital assets and the higher rate of income tax. There are a number of targeted reliefs including principal private residence relief, retirement relief and revised entrepreneur relief. Exemptions often requires a higher rate in order to generate an appropriate yield.
The Programme for Government commits to maintaining a broad tax base to guard against the need for counter-cyclical fiscal policy in the event of a downturn and to prepare for future budgetary challenges relating to population aging. Capital Gains Tax (CGT) is part of a system to ensure taxation is not focused solely on income tax and that those who benefit from gains in the value of their assets are included within the tax net on an equitable basis.
While Ireland's headline rate of CGT appears high compared with our European counterparts, in order to carry out a fair comparison, account has to be taken of the specific details of various CGT systems in different jurisdictions. This includes examining special rates, and reliefs and exemptions, rather than focusing solely on the applicable headline CGT rates for the purposes of comparison.
While I do not think the existing level of CGT acts as a disincentive to investment in the stock market, CGT as with all taxes, is subject to ongoing review, which involves the consideration and assessment of the rate of CGT and the relevant reliefs and exemptions from CGT. CGT policy and legislation is reviewed as part of the annual Budget and Finance Bill process and as part of wider tax policy considerations.
282. Deputy Alan Kelly asked the Tánaiste and Minister for Finance the amount his Department and any body under his aegis have spent on the services of a company (details supplied), by year and organisation in the years 2020 to 1 November 2025, in tabular form. [66078/25]
View answer283. Deputy Alan Kelly asked the Tánaiste and Minister for Finance the amount his Department and any body under his aegis have spent on the services of a company (details supplied), by year and organisation in the years 2020 to 1 November 2025, in tabular form. [66096/25]
View answerI propose to take Questions Nos. 282 and 283 together.
Amount spent on translation services at the Department of Finance
I am to inform the Deputy that my Department has not used the services of either translations.ie or the Association of Translators and Interpreters Ireland (ATII formally ITIA) between the years 2020 and 1 November 2025.
The following information relates to Bodies under the Aegis of the Department
Financial Services and Pensions Ombudsman (FSPO)
Amount spent (€’s) (all amounts are VAT inclusive)
|
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
translations.ie |
0 |
682 |
910 |
1,146 |
9,630 |
2,804 |
|
ATII |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
Office of the Comptroller and Auditor General (OCAG)
Amount spent (€’s)
|
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
translations.ie |
Nil |
734 |
Nil |
Nil |
Nil |
Nil |
|
ATII |
Nil |
Nil |
Nil |
Nil |
Nil |
Nil |
Office of the Revenue Commissioners
Amount spent (€’s)
|
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
translations.ie |
2,446 |
2,179 |
2,479 |
8,503 |
10,550 |
16,667 |
|
ATII |
0 |
0 |
0 |
0 |
0 |
0 |
284. Deputy Peadar Tóibín asked the Tánaiste and Minister for Finance if he is aware of court cases involving home mortgages held by loan servicing companies who were conducting themselves as both servicers and beneficial owners. [66137/25]
View answer286. Deputy Peadar Tóibín asked the Tánaiste and Minister for Finance the number of homes estimated to have their mortgages transferred to a loan servicing company, each year for the past ten years. [66143/25]
View answerI propose to take Questions Nos. 284 and 286 together.
The activity of ‘credit servicing’ is a regulated activity and any entity carrying out that activity falls within the authorisation scope of the Central Bank of Ireland.
Matters in relation to the initiation and pursuance of court cases are matters for the courts.
In relation to loan transfers, the Central Bank of Ireland has advised that it does not publish the number of mortgage loans transferred to credit servicing firms. However, the Deputy may wish to note that in its ‘Residential Mortgage Arrears and Repossessions Statistics’ data series the Central Bank publishes quarterly data on the number of mortgages held by both bank and by non-bank (which includes retail credit and credit servicing firms) regulated entities.
285. Deputy Peadar Tóibín asked the Tánaiste and Minister for Finance the number of exemptions from stamp duty applied for with the Revenue Commissioners, each year for the past 15 years; and the number that were granted. [66142/25]
View answerDue to this Parliamentary Question (PQ) not specifying the Stamp Duty and exemption(s) on which data is being sought, it has not been possible to provide an answer to it as submitted.
There are various types of Stamp Duty, each of which has a number of exemptions that can be availed of. Therefore, in the absence of the detail required, it cannot be ascertained what information the Deputy is seeking through this PQ.
If the Deputy wishes to be informed of the number of exemptions that have been availed of in respect of a particular Stamp Duty, I will be happy to supply the available data in reply to a subsequent PQ or other communication from him.
287. Deputy Cathal Crowe asked the Tánaiste and Minister for Finance his views on the proposed revision of the Energy Taxation Directive; his future plans on the issue in the context of Ireland’s upcoming Presidency of the EU Council; and if he will make a statement on the matter. [66266/25]
View answerThe Energy Tax Directive (Directive 2003/96/EC or ETD) is the legislative framework for taxation of energy products used for heating and propellant purposes within the EU. The ETD was first implemented in 2003 with the primary aim of harmonising tax rates across the EU and ensuring the proper functioning of the Internal Market. The Directive prescribes minimum rates of tax for fuels and fuels uses and also provides for reliefs and exemptions for certain fuel uses.
As part of the Fit for 55 package, the EU Commission published a proposal to revise the ETD in 2021 with the aim of providing an adapted framework, which contributes to reaching EU 2030 targets and achieving climate neutrality by 2050 in the context of the European Green Deal; providing a framework that preserves and improves the EU internal market by updating the scope and the structure of rates as well as by rationalising the use of tax exemptions and reductions by Member States; and preserving the capacity to generate revenues for the budgets of the Member States.
In order to secure an agreement it is important that the ETD recast proposal strikes a balance between climate ambition, Member State specificities and EU competitiveness, and reaching a compromise acceptable to all Member States has proved challenging.
At this stage, it is too early to identify specific files, including the ETD, that will form part of Ireland’s Presidency of the ECOFIN Council. Our priorities will be announced much closer to our Presidency commencing on 1 July next year in order to capture the state of play on specific files and progress made under preceding presidencies – namely the current Danish and incoming Cypriot presidencies.
288. Deputy Albert Dolan asked the Tánaiste and Minister for Finance to provide the Department’s annual expenditure on State Claims Agency costs for the years 2020–2025. [66358/25]
View answerThe payments made to the State Claim Agency by my Department for the period 2020 - 2025 to date are provided below in a tabular format.
|
Payments |
Amount |
|
2020 |
€132,422.23 |
|
2020 |
€438,908.00 |
|
2020 Total |
€571,330.23 |
|
2021 |
€726.00 |
|
2021 Total |
€726.00 |
|
2022 |
€7,076.75 |
|
2022 Total |
€7,076.75 |
|
2024 |
€49,169.98 |
|
2024 Total |
€49,169.98 |
289. Deputy Louise O'Reilly asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation whether the €10 million allocated towards the relaxation of the carer’s means test comes under €1,152 million for key policy adjustments, or from the €390 million 'increase in pension and illness, disability, carers scheme recipients; and if he will make a statement on the matter. [65197/25]
View answer290. Deputy Louise O'Reilly asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation whether funding for new recipients of the carer’s allowance, who would not have qualified under the current income disregards but will qualify on foot of the Budget 2026 measure, is allocated from the €390 million' increase in pension and illness, disability, carers scheme recipients or elsewhere; the amount he plans to allocate to this; and if he will make a statement on the matter. [65198/25]
View answer291. Deputy Louise O'Reilly asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation the breakdown of the estimated 30,000 additional recipients across the pension, illness, disability and carers schemes respectively, in tabular form; and if he will make a statement on the matter. [65199/25]
View answerI propose to take Questions Nos. 289, 290 and 291 together.
As set out in Table D on page 128 of the Budget 2026 Expenditure Report, an additional €2,036 million will be allocated to the Department of Social protection in 2026. This represents an increase of 7.6% on 2025 and will provide for both the continued funding of existing schemes as well as a series of new measures.
Table D sets out funding for existing schemes of €390 million for an “Increase in pension and IDC scheme recipients” to cover demographic-related changes including ageing and population growth, increased disability incidence as well as other recipient increases across these schemes. The estimates are based on a projected increase in recipients of c.30,000 across Pension and Illness, Disability and Carers schemes in 2026. This recipient growth is broken down as follows:
|
Programme Area |
Recipient change 2026 (Before Impact of New Developments) |
|
Pensions |
Approx. 21,500 |
|
Illness, Disability and Carers |
Approx. 8,500 |
Separately, €1,152 million was allocated to the Department of Social Protection in 2026 for Key Policy Adjustments. This expenditure category covers increases in social welfare payment rates, the expansion of eligibility for schemes and the introduction of new supports to deliver enhanced services for citizens.
This allocation will fund the planned increase in the Carer’s Allowance income disregard to €1,000 per week for a single person and €2,000 per week for a couple from July 2026. The Department of Social Protection costed this measure at €10 million in 2026.
292. Deputy Albert Dolan asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation to provide the Department’s annual expenditure on State Claims Agency costs for the years 2020–2025. [65243/25]
View answerThe total amount paid by the State Claims Agency and billed to my Department in the years specified is as follows :
|
Year |
Amount |
|
2020 |
€154 |
|
2021 |
€2,778 |
|
2022 |
€1,726 |
|
2023 |
€27,424 |
|
2024 |
€21,067 |
|
2025 to 20/11/2025 |
€15,582 |
293. Deputy Roderic O'Gorman asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation the status of the works being carried out at the Magazine Fort in the Phoenix Park; and the timeline for completion and opening as a visitor site. [65307/25]
View answer294. Deputy Alan Kelly asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation if a company (details supplied) had a contract with the Office of Government Procurement to provide security and or stewarding personnel to public bodies for each year since 2021; if so, when this contract with the company will expire. [65454/25]
View answerThe Office of Government Procurement, a Division within my department establishes central procurement solutions including solutions for Security Services. The current Framework was established in September 2024 and will run up to September 2028. A previous Security Services Framework was in place from September 2020 to September 2024.
Pulse Security is not a framework member of the current framework nor was it a member of the previous framework.
295. Deputy Carol Nolan asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation the reason a residential location has been included in OPW community flood maps despite the property never having been flooded; if he is aware of the impact this generates for homeowners insurance premiums; if he will commit to revising the decision to include the location in the OPW’s flood maps; if he will remind insurance companies that such maps are for indicative purposes only; and if he will make a statement on the matter. [65554/25]
View answer296. Deputy Barry Heneghan asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation if funding will be sanctioned in order that research staff in all higher education institutions across the sector can access a public service pension scheme, in view of a business case from the Department of Further and Higher Education, Research, Innovation and Science requesting access to the single public service pension scheme for those researchers who are not currently able to join the scheme; and if he will make a statement on the matter. [65556/25]
View answerThe prioritisation of funding for matters within the ambit of Further and Higher, Research, Innovation and Science, is one that falls, in the first instance, within the responsibility of the Minister for Further and Higher Education, Research Innovation and Science. My Department plays a key role in developing budgetary parameters and monitoring overall expenditure in line with the objectives of the Government and agreed fiscal policy and is responsible for the sound management of public expenditure within the overall allocation agreed by Government.
This is an issue that has legal, policy and long-term funding implications both within and beyond the higher education sector and, as such, remains matter of ongoing engagement between my Department and the Department of Further and Higher Education, Research, Innovation and Science.
297. Deputy Michael Cahill asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation to provide emergency funding to strengthen the embankment and protect family homes and properties from tidal flooding at Cromane Lower, Killorglin, County Kerry; and if he will make a statement on the matter. [65559/25]
View answer298. Deputy Niamh Smyth asked the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation to review correspondence from a local authority (details supplied); and if he will make a statement on the matter. [65600/25]
View answer
