Albert Dolan (Galway East, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

204. To ask the Minister for Finance to provide an update on the proposed implementation of a personal savings and investment account; the current stage of consideration; the anticipated timeline for decisions or further announcements; and if he will make a statement on the matter. [39402/26]

Simon Harris (Wicklow, Fine Gael)
Link to this: Individually | In context | Oireachtas source

At the Savings and Investment Forum on 31 March, I announced my intention to introduce a new investment account, similar to the savings and investment account models operating in other jurisdictions but designed to meet Ireland’s specific needs in terms of encouraging retail investment. It aims to reduce the complexities related to retail investment taxation and allow retail investors the potential to grow their savings more efficiently.

My officials are continuing to engage with experts and stakeholders as work is progressing on the development of the investment account, taking on board the range of ideas on the design of an effective investment account that best fits the Irish economy and the needs of Irish households. The aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027.

Budget 2026 included a commitment to publish a roadmap on the taxation of retail investment which will be published in the coming months. The roadmap will set 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 work underway on the roadmap includes consideration of the recommendations of the Funds Sector 2030 Report. A key aspect of the roadmap is the introduction of the new investment account, aligned with the European Commission’s recommendation for Member States to introduce a Savings and Investment Account. I expect the roadmap to be published in Summer 2026.