Dáil Éireann Debate, Tuesday - 21 April 2026
248. Deputy Joe Cooney asked the Tánaiste and Minister for Finance the measures he plans to put in place to ensure the proposed savings and investment account scheme is accessible to low and middle-income households; whether an income threshold or contribution cap will be applied to prevent disproportionate benefit accruing to higher-income individuals; and if he will make a statement on the matter. [26599/26]
Amharc ar fhreagra273. Deputy John Clendennen asked the Tánaiste and Minister for Finance the details of the proposed flat rate of tax for the new State-backed personal investment scheme; the measures being taken to ensure this scheme is accessible to low and middle income earners; the timeline for its full implementation; and if he will make a statement on the matter. [26884/26]
Amharc ar fhreagraI propose to take Questions Nos. 248 and 273 together.
Ireland still does not have a sufficiently diversified savings and investment culture. Too much of people’s hard-earned savings remains in low-yield deposits, where inflation can erode value over time. Deposit accounts are right for many people and will for many be their source of putting money by for a later date. But they should not be the only practical option. Investment in capital markets can offer households another path to long-term financial wellbeing, while also supporting growth and competitiveness in the wider economy.
We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
The account will be designed as a simple, one-stop option for individuals. 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.
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, and continue to draw upon best practice in other countries who operate successful savings accounts.
