Dáil Éireann Debate, Wednesday - 15 April 2026
198. Deputy Joe Cooney asked the Tánaiste and Minister for Finance the current status of the proposed savings and investment account scheme; when he expects draft legislation to be published; and the intended timeline for accounts to be open to the public. [27359/26]
View answerAt the recent Savings and Investment Forum, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. The aim is to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
I plan to legislate for the framework in 2026, in the context of the Budget later in the year and to allow accounts to be offered from 2027. The account will be designed as a simple, one-stop option for individuals. It will also be a key part of a broader rethink of the taxation of retail investment. The Government’s view that the account should be simple, accessible, tax efficient, easy to administer, transparent on fees and portable across borders where possible.
We will take account of expert views as we design the model that best fits the Irish economy and the needs of Irish households.
The tax treatment of retail investments was considered as part of a broader review into the funds and asset management sector in Ireland, which culminated in the ‘Funds Sector 2030’ report that was published in October 2024.
In recognition of the importance of encouraging retail investment, Budget 2026 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38% which took effect from 1 January 2026.
In addition, Budget 2026 also included a commitment to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap, which will be published in the coming months, will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs and continue to draw upon best practice in other countries who operate successful investment accounts.
