Testing the waters: Here's what we know so far about the State-backed investment scheme
The Irish government has announced details for a new State-backed investment account launching next year. The scheme aims to simplify retail investing by offering a low flat tax rate and exempting users from the complex deemed disposal tax.
Why it matters
This initiative represents a significant shift in Irish personal finance policy, potentially increasing retail participation in capital markets.
THE GOVERNMENT HAS released new details of the State-backed investment accounts it plans to introduce next year.
Tánaiste and finance minister Simon Harris described the Investment Account as “a simple and accessible” way for people to make investments in capital markets.
He said the accounts will give people greater choice in how they manage their savings and investments.
“My ambition is to build a system that is simpler and easier to understand, where people know what their options are and can make informed decisions based on their own circumstances,” Harris said.
The Investment Account will be available to Irish tax-resident individuals aged 18 and over who have a PPS number.
It will only be possible to open one account per person.
The exact tax rate has yet to be set, but it will be a “low” flat rate, the government said.
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