Dáil Éireann Debate, Thursday - 10 October 2024
151. Deputy Matt Shanahan asked the Minister for Finance if he will examine the maximum threshold of investment in prize bonds and apply some preferential rate of tax treatment in order that such a savings fund could be accessed in the future to provide nursing care support where needed as in the case of a person (details supplied); and if he will make a statement on the matter. [40793/24]
Amharc ar fhreagraThe National Treasury Management Agency (NTMA) has informed me that they appreciate the desire to invest in State Savings products, including Prize Bonds. All such products are tax free, including at encashment. The NTMA advises that the present limits are already of a significant size for an individual as part of a savings portfolio, and it would be difficult to allow different limits for different groups of people. The limits for State Savings products are as follows:
Thus, an individual may save up to € 860,000 in State Savings products. All such products may be encashed at any time, without penalty or charge, and in the case of Fixed Term products, any Bonus payable will be as paid in accordance with Terms and Conditions.
