Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

Technically, we are only debating the narrow point, as Deputy Michael McGrath stated, of closing off the possibility of opening such accounts and the thresholds of €480 and €635. Some Deputies asked whether the tax that will apply under the finance and social welfare Bills will be additive. The position is that a PAYE worker with only DIRT income, in addition to his or her PAYE income, would not be a chargeable person and would not be subject to PRSI on that interest. As Deputy Michael McGrath rightly said, the PRSI element will be the subject of debate in the Social Welfare and Pensions Bill while the 41% rate for DIRT will be discussed in the Finance Bill.

In respect of Deputy Mathews’s concerns, there are several products that are not subject to DIRT. These include savings certificates, savings bonds, instalment savings, final payment on the national solidarity bond and prize bond winnings.

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