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Special Savings Incentive Scheme.

Dáil Éireann Debate, Tuesday - 23 March 2004

Tuesday, 23 March 2004

Ceisteanna (61)

Seán Ryan

Ceist:

50 Mr. S. Ryan asked the Minister for Finance the number of special savings incentive scheme accounts opened at the latest date for which figures are available; the average amount of savings per investor per month; if, on the basis of such figures, his Department can give a definite figure for the likely cost to the Exchequer of the special savings incentive scheme; and if he will make a statement on the matter. [8947/04]

Amharc ar fhreagra

Freagraí scríofa

I am informed by the Revenue Commissioners that all qualifying savings managers are furnishing their 2003 SSIA annual returns at present. The Revenue Commissioners have begun analysing these returns and final details of this analysis will not be available until the end of April 2004. Consequently, the latest year for which figures are available is 2002.

Based on the 2002 annual returns furnished by all qualifying savings managers, the total number of active accounts at 31 December 2002 was 1,143,418 and the average monthly subscription was €158. It is not possible to give a definitive answer as to the eventual cost of the scheme as it is subject to a number of variables such as where participants die, withdraw from the scheme or vary their monthly contributions. The cost of the scheme in 2003 was €531.9 million. The estimated cost in 2004 is €540 million. This is not a conclusive figure, and the final figure may be different from that if account holders change their monthly contributions. The total gross cost over the period of the scheme will be reduced by the exit tax to be received at the end.

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