Written answers
Tuesday, 10 May 2005
Department of Finance
Special Savings Incentive Scheme
9:00 pm
Michael Ring (Mayo, Fine Gael)
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Question 181: To ask the Minister for Finance if persons who joined the SSIA scheme in 2001 and who do not earn any income will receive the full benefit of an account when it matures from May 2006 onwards. [14950/05]
Brian Cowen (Laois-Offaly, Fianna Fail)
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It is not a requirement per se of the SSIA scheme for an individual to earn any income. However, Part 36A of the Taxes Consolidation Act 1997, as inserted by section 33 of the Finance Act 2001, requires inter alia that for a saver to get the full benefit from an SSIA account he or she must be the beneficial owner of the funds in the account and must have subscribed to the SSIA from funds available to him or her, or his or her spouse, without recourse to borrowings, or the deferral of repayment, whether in respect of capital or interest, of sums already borrowed. If the requirements are not satisfied, the person is required to close the SSIA and the value of the assets in the account is taxed at 23%.
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