Dáil Éireann Debate, Tuesday - 22 November 2022
243. Deputy Neale Richmond asked the Minister for Finance his views on whether Ireland should have an individual savings allowance system, including the stocks and shares individual savings allowance as is the case in the United Kingdom; and if he will make a statement on the matter. [57937/22]
View answerI note the Deputy's query in relation to the introduction of a scheme in Ireland similar to the UK ISA scheme. In this regard, I would highlight that the National Treasury Management Agency (NTMA), through State Savings products, already offers a wide range of tax free savings products to the general public, including Prize Bonds and fixed rate savings bonds/certificates. Both short term and long term fixed rate products are offered, with maturities from 3 to 10 years.
The interest rates on offer are competitive and provide good value for the holders of State Savings products. The return for the saver rewards those who hold products to maturity. However, early redemption is also possible.
The currently available tax-free State Savings products therefore allow the saver to invest in a competitive, flexible product which is tax free and afforded full State protection. The NTMA keeps these products under review.
More generally, tax policy and legislation, including savings tax, is reviewed by the Tax Strategy Group (TSG), as part of the annual Budget and Finance Bill process, and is considered in the wider policy context.
