I am informed by the Revenue Commissioners that information regarding the numbers and levels of special savings accounts (SSAs) held by both persons under and over 66 years of age is not available to them. However, data on SSA deposits, published in the Central Bank of Ireland Monthly Statistics, indicates that as of 30 September 1997 IR£4,400 million was on deposit in SSAs held by Irish residents. Given the maximum amount that can be held is £50,000 per person, then at least 88,000 people hold accounts.
SSAs were introduced in 1993 with a low rate of deposit interest retention tax (DIRT) to help prevent outflows of funds from the State following the liberalisation of exchange controls. The rate of DIRT applying to SSAs will increase from 15 to 20 from 6 April next to strike a more appropriate balance between the tax treatment of deposit income and income from other sources.
People aged 65 years or over (or people whose spouses qualify), and individuals who are unable to look after themselves due to permanent ill health are entitled to a refund of DIRT. Refunds apply to the extent that the individuals would not otherwise be liable to tax on interest income.
