Written Answers Nos. 239-261
243. Deputy John Clendennen asked the Minister for Transport if he will provide a breakdown of spending on advertising that was funded or overseen by his Department, and bodies under its aegis, in each of the past five yeras, including a breakdown by medium, that is, radio, television and social media, in tabular form; and if he will make a statement on the matter. [36498/26]
Amharc ar fhreagraThe Department of Transport uses advertising to engage with the public on a range of matters, including encouraging sustainable travel choices in line with legally-binding climate goals, informing the public of speed limit reductions, promoting public consultations, and highlighting recruitment or upskilling opportunities.
In 2023, my Department launched its flagship Your Journey Counts emissions-reduction campaign to encourage people to walk, cycle, and take public transport where they can, in line with our Climate Action Plan goals to reduce transport-related carbon emissions.
This TV-led, integrated campaign was the first of its kind undertaken by my Department and its launch is linked to the increase on advertising expenditure by my Department in recent years.
Campaigns appear across a range of platforms as required, including TV, out-of-home/outdoor, national and local print, national and local radio, digital display, social media, search engine optimisation (SEO), video on demand, digital audio streaming and paid partnerships.
Media buying services are provided to my Department in a cost-effective, efficient manner through an agency procured by the Government of Ireland in line with an Office of Government Procurement framework.
All forms of advertising are monitored on performance, with post-campaign analyses undertaken per campaign to measure reach and value for money across key metrics including CTR, with these insights used to inform future campaign development.
The figures for my Department’s total advertising spend for the years 2022, 2023 and 2024 are given in the table below.
|
Year |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
|
Advertising spend |
€68,751.09 |
€63,247.83 |
€121,006.40 |
€1,990,373.15 |
€648,587.00 |
€1,451,462 |
The information requested by the Deputy in relation to agencies has been referred to them for direct reply. Please advise my private office if you do not receive a reply within 10 working days.
244. Deputy Louis O'Hara asked the Minister for Transport the actions being undertaken by the National Transport Authority under Phase 2 of the Road Safety Action Plan to expand in a sustainable manner the use of cameras for traffic management improvements and the enforcement of offences where road safety is likely to benefit; the progress made to date on this action; the timeline for further implementation; and if he will make a statement on the matter. [36855/26]
Amharc ar fhreagra247. Deputy Louis O'Hara asked the Minister for Transport when the Camera Enforcement Oversight Group (CEOG) is first expected to meet, the proposed frequency of meetings thereafter; the people expected to attend or participate in the group; and if he will make a statement on the matter. [36859/26]
Amharc ar fhreagraI propose to take Questions Nos. 244 and 247 together.
The National Safety Camera Strategy was published on 29 April and it provides the framework for increased deployment of cameras across the road network to assist with enforcement of a wide range of road traffic offences including speeding, red light running, and bus lane infringements, with flexibility for the enforcement of other types of offence in the future.
The Strategy aligns with Programme for Government commitments to expand the use of safety cameras across the road network. It also delivers on part one of Action 6 of the Government’s Road Safety Strategy Phase 2 Action Plan.
The Strategy sets out a partnership approach for camera deployment and enforcement. It proposes that TII takes responsibility for the management of fixed and average speed cameras in partnership with An Garda Síochána, who will continue to be responsible for the enforcement of camera-detected speed offences. The NTA will assume the primary responsibility - both management and enforcement functions - for urban traffic management offences.
A delivery focused Camera Enforcement Oversight Group (CEOG) will soon be established, comprising senior leaders from AGS, NTA, TII, RSA, the Courts Service and the Local Authority sector. The Group will be responsible for progressing the Strategy and will report progress to the Road Safety Leadership Group. I expect the Group will meet in the coming weeks.
It is important to note that enforcement of road traffic law is first and foremost the responsibility of An Garda Síochána. I am told that since 2024 An Garda Síochána, with the assistance of TII and local authorities, has installed three additional average speed camera zones and nine static cameras. In addition, there are 9,000 hours of GoSafe monitoring carried out on our roads each month.
245. Deputy Louis O'Hara asked the Minister for Transport for an update on the development of legislation and the framework to allow the attendance to a speed awareness course to be imposed as a part of a sanction for certain road traffic offences; the timeline for introduction of such measures; and if he will make a statement on the matter. [36856/26]
Amharc ar fhreagra246. Deputy Louis O'Hara asked the Minister for Transport for an update on the development of legislation relating to graduated speeding sanctions intended to ensure a structured and proportionate approach to penalising speeding offences based on severity and risk; the expected timeline for the enactment of such legislation; and if he will make a statement on the matter. [36857/26]
Amharc ar fhreagraI propose to take Questions Nos. 245 and 246 together.
The Programme for Government commitments relating to road safety include reviewing a graduated penalty points system and consideration of re-education courses as part of the sanctions available for certain road traffic offences.
These commitments are included in the Phase 2 Action Plan 2025-2027 under the Government’s Road Safety Strategy. Specifically:
Action 7.C. Develop the legislation and framework for attendance on a Speed Awareness Course being imposed as part of a sanction for certain road traffic offences; and
Action 7.D. Develop the legislation for graduated speeding sanctions, ensuring a structured and proportionate approach to penalising speed violations based on severity and risk.
The next Road Traffic Bill will include provisions to support the delivery of Action 7 and my Department is working to progress the development of this Bill. I will bring forward these proposals as soon as possible.
Currently, motorists who speed face three penalty points and a fixed charge notice (FCN) of €160, rising to €240 if not paid within 28 days. If after 56 days the motorist has not paid the FCN, the offence is referred to the courts, where the motorist may choose to accept the penalty points and pay a €320 FCN up to seven days before the court date. If the motorist chooses to go to court and is convicted of a speeding offence, they could be fined up to €1000 and receive five penalty points.
In addition, the forthcoming National Vehicle and Driver File Bill will provide additional legislative clarity around how multiple penalty points from a single incident are to be applied to serve as a stronger deterrent to dangerous driving.
248. Deputy Shane Moynihan asked the Tánaiste and Minister for Finance the reason the relief caps under the Disabled Drivers and Disabled Passengers Scheme have not been index-linked; whether there are plans to introduce indexation to ensure the supports keep pace with rising vehicle and adaptation costs; and if he will make a statement on the matter. [36421/26]
Amharc ar fhreagraAs the Deputy is aware, the Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant.
The reliefs from Value Added Tax and Vehicle Registration Tax are very generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. The DDS also has a a fourth category of relief of up to €48,000 for disabled drivers and up to €32,000 for disabled passengers, for in-vehicle wheelchair accessible adaptations.
The amount of the remission or repayment of VAT and VRT is decided on the basis of the value and nature of the adaptions made to the vehicle. Analysis of Revenue data provided to my department, on vehicle adaptions made under the DDS, indicates that the levels of relief provided far exceeds the costs of adaptations.
The Deputy should note, however, that my Department and I share concerns that the DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual.
Under the aegis of the Department of the Taoiseach, the sub-group convened to progress the National Disability Inclusion Strategy proposals for a needs-based, grant-aided, modern vehicle adaptation supports to replace the DDS, generated a report that was submitted to the Department of the Taoiseach. In considering this report, it has been proposed that a new grant-based scheme be developed and led by the Department of Transport.
The Department of Transport is beginning the development of this new scheme. The existing DDS remains with the Department of Finance and will continue to be reviewed in the context of new scheme developments by the Department of Transport.
As the Deputy will be aware, when this government took office, we committed to a step change in the delivery of supports and services for people with disability and their families.
Budget 2026 is the first step in delivering on this ambition, providing some €3.83 billion to specialist disability services next year, an unprecedented increase of €618 million, or almost 20%.
This funding will be vital in delivering the National Human Rights Strategy for Disabled People. The commitment to develop a new scheme by the Department of Transport, and in this context review the Disabled Drivers and Disabled Passengers Scheme, are strong commitments in this strategy.
249. Deputy Paul Lawless asked the Tánaiste and Minister for Finance if he will consider amending the Taxes Consolidation Act to allow traditional heritage crafts such as thatching to qualify for an exemption similar to the artists’ exemption, in view of the critically low number of practising thatchers remaining in the State; and if he will make a statement on the matter. [36466/26]
Amharc ar fhreagraSection 195 of the Taxes Consolidation Act 1997 provides for the exemption of certain earnings of writers, composers and artists and allows the Revenue Commissioners to make determinations in respect of artistic works in the following categories only:
1. a book or other writing,
2. a play,
3. a musical composition,
4. a painting or other like picture,
5. a sculpture.
Guidelines were drawn up by the Arts Council and the then Minister for Arts, Heritage and the Gaeltacht, for determining whether a work which falls within the scope of the activities listed in the section is an original and creative work and whether it has, or is generally recognised as having, cultural or artistic merit and consequentially can qualify for the exemption.
In relation to tax relief for crafts persons more generally, and as the Deputy will appreciate, decisions regarding tax measures are normally made in the context of the annual Budget and Finance Bill process. Such decisions must have regard to the sound management of the public finances and the competing priorities.
250. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance further to Parliamentary Question No. 412 of 28 April 2026, if he sought flexibility from the EU in relation to the ETD provision to ensure the private jet did not benefit from emergency excise cuts, as it did for other measures; and, if not, the reason for not seeking that flexibility; and if he will make a statement on the matter. [35834/26]
Amharc ar fhreagraIreland’s excise duty treatment of fuel is governed by European Union law as set out in Directive 2003/96/EC, commonly known as the Energy Tax Directive (ETD). ETD provisions on liquid fuels are transposed into national law in Finance Act 1999 (as amended) which provides for the application of Mineral Oil Tax (MOT), to liquid fuels.
The ETD prescribes that in addition to adhering to minimum rates, the excise duty rate on a particular fuel type used for propellant purposes must be consistent across all propellant uses for that fuel. This means that the same MOT rate must apply to heavy oil, whether it is used as a propellant in motor vehicles, in aircraft or in waterborne vessels. Ireland has no discretion in this regard and a change to the MOT rate on auto-diesel must also be applied to the MOT rate on heavy oil used in aircraft (jet fuel). As a result of the recent rate cuts, auto-diesel and jet fuel are now both subject to an MOT rate of €371.85 per 1,000 litres.
The private pleasure flying rate on aviation gasoline, which is much less commonly used than aviation kerosene/jet fuel, is currently €502.88 per 1,000 litres. Current and historical MOT rates are published on Revenue’s website at: www.revenue.ie/en/tax-professionals/tdm/excise/excise-duty-rates/energy-excise-duty-rates.pdf
In line with the ETD, jet fuel used for commercial air navigation is fully exempted from MOT.
The concept of a “private jet” is not encompassed in MOT law, nor in the ETD, and the MOT treatment of fuel used in a private jet is not determined by the aircraft ownership. The applicable MOT rate for fuel used in any aircraft, including a privately owned jet, is determined by the fuel type and whether the aircraft is being used for commercial or private pleasure purposes.
The ETD provides that fuel used for non-commercial air navigation, or private pleasure flying, is mandatorily taxed. For the purposes of MOT, commercial air navigation is distinguished from private pleasure flying by reference to definitions set out in law. Commercial use of an aircraft includes the carriage of passengers or goods, the supply of services for consideration, and for the purposes of public authorities.
MOT applies in full to fuel used for private pleasure flying, which includes the use of an aircraft by its owner, or the natural or legal person who enjoys its use either through hire or through any other means, for other than commercial purposes.
251. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the estimated amount, by total value of household deposits covered by the deposit guarantee scheme, held in financial institutions in Ireland; and if he will make a statement on the matter. [35835/26]
Amharc ar fhreagra252. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the total share of household deposits estimated to be covered by the deposit guarantee scheme held in financial institutions in Ireland; and if he will make a statement on the matter. [35836/26]
Amharc ar fhreagraI propose to take Questions Nos. 251 and 252 together.
The Deposit Guarantee Scheme (DGS) provides enhanced protection for depositors up to the value of €100,000 per person per institution. The DGS protects depositors in the event of a Credit Institution (Banks and Credit Unions) authorised by the Central Bank of Ireland (CBI) being unable to repay deposits. The level of deposit protection is harmonised across the European Union (EU), and the DGS is administered in Ireland by the CBI.
The total value of covered deposits held by credit institutions in Ireland as at the 31 December 2025 is expected to be published by the EBA shortly. For reference the total covered deposits as at 31 December 2024 was €154.233 Billion.
Please see link to EBA site for your information: www.eba.europa.eu/activities/single-rulebook/regulatory-activities/depositor-protection/deposit-guarantee-schemes-data
The total value of the DGS Contributory Fund as at the 31 December 2025 was €1.248 Billion. The figures for all previous years are available on the European Banking Authority’s (EBA) website. All Credit Institutions authorised by the CBI are required to contribute to the DGS Contributory Fund.
The current DGS Contributory Funds are attributed to contributions received from Credit Institutions for the period 2016 to 2023, which is the period during which the DGS Contributory Fund was built up in order to reach a target level of 0.8% of covered deposits. This target level was met in July 2024 and as such the CBI sought no contributions from Credit Institutions in the 2024 or 2025 contribution cycles, the CBI have advised that this remains under review.
I am advised by the CBI that Information is not provided on the amounts contributed by individual sectors, with reporting at all times completed on a combined basis for all contributing Credit Institutions.
253. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the total VAT collected on electricity generation for each year since 2019; and if he will make a statement on the matter. [35837/26]
Amharc ar fhreagraIt should be noted that VAT on electricity is dependent on the price charged by the supplier. Consequently, fluctuations in electricity prices will result in corresponding variations in the VAT yield.
Budget 2026 has committed to keeping the 9% rate of VAT on household gas and electricity bills until 31 December 2030.
The estimated VAT from the supply of electricity in the specified years is as follows:
|
Year |
VAT Receipts €m |
|
2019 |
331 |
|
2020 |
361 |
|
2021 |
409 |
|
2022 |
475 |
|
2023 |
497 |
|
2024 |
401 |
|
2025 |
399 |
254. Deputy Aidan Farrelly asked the Tánaiste and Minister for Finance if his Department or any bodies and agencies under its aegis use, or have in the past used, software and-or products from a company (details supplied); the duration and cost of the contract; and the services they avail of from the company. [35865/26]
Amharc ar fhreagraI am advised that neither my Department, nor any of the Bodies under the Aegis of my Department, use software and/or products from the supplier "Passwork aka Passwork Europe SL."
255. Deputy John Lahart asked the Tánaiste and Minister for Finance if he will review the application of 23% VAT on injectable prescription medicines, including Tirzepatide, having regard to price disparities with Northern Ireland; and if he will make a statement on the matter. [35894/26]
Amharc ar fhreagraAs the Deputy will be aware, it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.
Any changes to VAT rates will be considered as part of the normal Budgetary process, which will include the publication in the coming months of the Tax Strategy Group papers.
256. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the way in which the Exchequer cash reserves, and other liquid assets, were reduced by approximately €10 billion over the four months from the end of 2025 until the end of April 2026; and if he will make a statement on the matter. [35963/26]
Amharc ar fhreagraThe National Treasury Management Agency (NTMA) has informed me that exchequer cash and liquid asset balances ebb and flow throughout the year and are affected by many different factors such as the proceeds of borrowing, the repayment of maturing debt, tax and other Exchequer revenues, and Exchequer expenditure.
At end-April 2026, Exchequer cash and liquid asset balances were €28.9bn. The equivalent figure at year-end 2025 was €38.9bn.
The reduction in cash and liquid asset balances in the first four months of 2026 is largely a function of net debt repayments of €5.1bn and the funding of an Exchequer deficit of €4.7bn.
257. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the total payment from the Central Bank to the Irish Banking sector in the form of interest payments on reserves from 2011 to 2019, in tabular form; and if he will make a statement on the matter. [35964/26]
Amharc ar fhreagraThe Central Bank of Ireland has provided me with the following information.
|
Year |
Net interest paid (received) on Credit Institution Deposits €000s |
|
2011 |
100,240 |
|
2012 |
33,377 |
|
2013 |
16,263 |
|
2014 |
5,636 |
|
2015 |
-7,593 |
|
2016 |
-47,755 |
|
2017 |
-67,487 |
|
2018 |
-84,403 |
|
2019 |
-91,704 |
* Interest received is visible as a negative entry. Please note, the figures provided in this response are net interest income figures (netting of interest income and interest expense). For More information please see the Central Bank of Ireland’s [Annual Reports and Performance Statements.]
The Central Bank pays interest on reserves held by credit institutions on current accounts and Deposit Facility accounts.
Between 2011 and 2019, minimum reserve requirements were remunerated at the rate on the ECB’s Main Refinancing Operation (MRO). Over this period the MRO rate fell from a peak of 1.5% in late 2011, to a low of 0% from 2016.
Meanwhile, until September 2019, reserves held on current accounts above minimum reserve requirements were remunerated at the rate on the ECB’s Deposit Facility (DF). The DF rate fell from a peak of 0.75% in late 2011, to a low of -0.50% in 2019. In September 2019, a two-tier system was introduced, exempting some holdings from the negative interest rate, and applying a 0% rate instead. Balances on the Deposit Facility were remunerated at the DF rate.
The volume of interest paid to (or received from) credit institutions is largely dictated by i) the amount of reserves held by financial institutions and ii) the level of the ECB’s interest rates.
Net interest payments to credit institutions (reserve account holders and monetary policy counterparties with DF access) turned from a net expense to a net receipt in 2015 as the DF rate turned negative. Interest income on these accounts increased over the following years as the DF rate was cut further into negative territory.
258. Deputy Pearse Doherty asked the Tánaiste and Minister for Finance the total number and names of all banks that benefits from payments from the Central Bank in the form of interest payments on reserves in 2024. [35965/26]
Amharc ar fhreagraThe Central Bank of Ireland has provided me with the following information on the matter.
The Central Bank of Ireland does not publish the names and number of its monetary policy counterparties. This information is confidential as per professional secrecy obligations (Article 339 of the Treaty on the Functioning of the European Union and Article 37 of the Statute of the European System of Central Banks (ESCB)).
259. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether he accepts that the Revenue Commissioners cannot currently identify the specific Exchequer yield attributable solely to the eight-year deemed disposal rule as distinct from other chargeable events under the gross roll-up regime; whether consideration has been given to introducing separate reporting requirements for deemed disposal events; and if he will make a statement on the matter. [36104/26]
Amharc ar fhreagraUnder the current system, Irish domiciled investment funds and Irish domiciled life assurance products are subject to the gross roll-up regime. Under the gross roll-up regime for investment undertakings, Investment Undertaking Tax (IUT), commonly referred to as an exit tax, must be deducted on the occurrence of a chargeable event and on the occurrence of a deemed disposal.
The majority of Irish domiciled funds will deduct IUT on the happening of a chargeable event and return it to Revenue; and Irish investors self-assess tax on certain Irish fund investments and on offshore funds through their annual tax return.
In relation to the obligations of Irish domiciled funds, IUT must be operated by the fund on the occurrence of a chargeable event in respect of an investor (other than an investor that is exempt from the operation of IUT). The fund will, in principle, be required to deduct an amount of tax on any payment made to an investor in respect of the chargeable event. Where no payment is made by the fund to the investor in respect of any of the above (for example, on a deemed disposal), the fund is usually entitled to appropriate or cancel the required number of units to meet the tax liability.
Pursuant to section 739F(2) of the Taxes Consolidation Act 1997, domestic funds are required to make two returns of IUT per year to Revenue: in relation to chargeable events occurring in the period from 1 January to 30 June, the tax must be paid by 30 July of that year, and in relation to chargeable events occurring in the period from 1 July to 31 December, the tax must be paid by 30 January of the following year.
The obligation to make a return of tax arises irrespective of whether the fund has been required to operate any IUT i.e. nil returns of tax are required. Revenue collects data on the receipts of IUT from funds arising from chargeable events but, as there is no legislative requirement to do so, does not require funds to report specific detailed data on the allocation of IUT across the various categories of chargeable events, nor on the underlying investors in the funds.
An Irish fund does not operate IUT in respect of any units that are held in a clearing system. Instead, the investor must self-account for any tax arising through the self-assessment system. Similarly, Irish investors are required to self-account for tax in relation to investments in offshore funds. This includes self-assessing for any tax arising on the happening of the eight-year deemed disposal. The Form 11 is the tax return for self-assessed individuals to declare tax due on chargeable events on certain Irish and offshore funds under the self-assessment system.
As the Deputy will appreciate, the availability of timely and reliable data is essential for effective analysis of tax policy. However, it must be acknowledged that increasing reporting requirements for taxpayers to collect additional data may, ultimately, increase administration and compliance costs for taxpayers.
While my Department is committed to increasing the availability of data for tax policy analysis where possible, any impact and potential additional administrative burden that increased reporting may cause, must be considered prior to any change to reporting requirements. Given the existing reporting requirements in place I do not intend, at this point in time, to add any additional reporting requirements. As I have previously noted, my officials are examining whether other data sources may assist in terms of providing more information on deemed disposal returns.
260. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department intends to commission any independent empirical analysis or behavioural modelling on the impact of the deemed disposal regime on retail investor behaviour, long-term savings patterns, Exchange Traded Fund participation, or capital allocation decisions; and if he will make a statement on the matter. [36105/26]
Amharc ar fhreagra262. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has assessed the comparative fairness of applying taxation to unrealised gains within regulated investment funds while direct equity investments are generally taxed only upon realisation of gains; and if he will make a statement on the matter. [36107/26]
Amharc ar fhreagra263. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any assessment has been conducted on the impact of the deemed disposal regime on small and medium retail investors seeking to build long-term savings through diversified investment products; and if he will make a statement on the matter. [36108/26]
Amharc ar fhreagra265. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has conducted any assessment of the administrative complexity imposed on individual taxpayers by the self-assessment obligations associated with Exchange Traded Funds subject to the deemed disposal regime; and if he will make a statement on the matter. [36110/26]
Amharc ar fhreagra266. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has examined the extent to which the deemed disposal regime may discourage Irish retail investors from participating in diversified long-term investment products compared with consumers in other EU jurisdictions; and if he will make a statement on the matter. [36111/26]
Amharc ar fhreagra267. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether any analysis has been conducted on the interaction between the deemed disposal regime and the European Commission's Savings and Investment Union objectives; and if he will make a statement on the matter. [36112/26]
Amharc ar fhreagraI propose to take Questions Nos. 260, 262, 263 and 265 to 267, inclusive, together.
I am aware of the issues raised by retail investors regarding the complexities associated with the retail investment taxation regime, in particular, the issues associated with the deemed disposal rule and self assessment for certain forms of investments. The Funds Sector Review which was published in October 2025 includes a number of relevant recommendations for this sector, including the removal of deemed disposal. The Funds Review will be considered in the development of the roadmap on retail investment that will be published in the coming months.
In terms of analysis of the impact of the deemed disposal rule in particular on retail investment, I would note that in December 2025, the Central Bank published a report, ‘Retail Investor Participation in Ireland Consumer Research and Analysis’, which can be found on their website. This report notes that “the decision to invest is driven by a complex interplay of factors, including economic conditions, personal financial circumstances and psychological biases”.
It is notable that historically, participating in capital markets has not been viewed as an option for most Irish consumers. This combined with periods of significant market volatility may have played a role in the development of a financial culture with relatively low levels of trust and risk appetite, which favours cash and deposits over investments. The analysis suggests that the key obstacles to investment identified by non-investors are a lack of financial resources, psychological or emotional barriers and knowledge and understanding gaps. Taxation was not identified as a significant consideration for non-investors. However, it is the case that for existing retail investors, taxation was identified as a factor in their investment decision. According to the Central Bank’s research, 35% of investors reported that tax is a factor when considering an investment product. A key consideration is value, determined by the return on investment, after fees and tax have been deducted. This Central Bank research and analysis is also being considered in the context of the work underway on the roadmap for the taxation of retail investment.
This roadmap will also take the European Commission's Savings and Investment Account recommendation into consideration. A key aspect of the roadmap is the development of a new Irish investment account that aims to reduce the complexities related to retail investment taxation and allows Irish people to grow their savings more efficiently.
A key characteristic of this form of Investment Account, as per the Commission’s recommendation, is to be as simple as possible for the investor and for the onus of tax compliance to be placed onto the account provider. It is my intention that the new investment account being introduced will be simple and accessible for retail investors.
261. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether the forthcoming roadmap on the taxation of retail investment will include specific proposals relating to the reform, amendment, deferral, or abolition of the eight-year deemed disposal rule; and if he will make a statement on the matter. [36106/26]
Amharc ar fhreagra264. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether consideration has been given to introducing a tax-exempt or tax-simplified Irish retail investment account for ordinary savers, similar to savings and investment account models operating in other jurisdictions; and if he will make a statement on the matter. [36109/26]
Amharc ar fhreagra268. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether he intends to publish any consultation paper, stakeholder submissions, or public engagement process in advance of the publication of the roadmap on the taxation of retail investment; and if he will make a statement on the matter. [36113/26]
Amharc ar fhreagraI propose to take Questions Nos. 261, 264 and 268 together.
Budget 2026 included a commitment to publish a roadmap for the taxation of retail investment, setting out an approach to simplify and adapt the tax framework to further support retail investment, while retaining necessary and important anti-avoidance protections in a proportionate manner. The roadmap will be published in the coming months, and the work underway included careful consideration of the existing taxation rules. The roadmap will take the European Commission's Savings and Investment Account recommendation and the recommendations of the Funds Sector Review, including in relation to the issue of deemed disposal, into consideration. I do not intend to provide specifics in relation to the content of the roadmap ahead of its publication. At this point in time I do not intend to publish any documents ahead of the roadmap. My officials and I continue to engage with stakeholders as work continues on the roadmap.
As the Deputy may be aware, at the first annual Savings and Investment Forum on 31 March 2026, I announced my intention to implement a new Irish investment account, similar to the savings and investment account models operating in other jurisdictions. This account is a key aspect of the roadmap and it aims to reduce the complexities related to retail investment taxation and allow retail investors to grow their savings more efficiently.
