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Special Savings Incentive Scheme.

Dáil Éireann Debate, Thursday - 14 October 2004

Thursday, 14 October 2004

Ceisteanna (18)

Joe Sherlock

Ceist:

17 Mr. Sherlock asked the Minister for Finance the number of special savings investment 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 any such figures, his Department can now give a definite figure for the likely cost to the Exchequer of the specials savings investment scheme; and if he will make a statement on the matter. [24672/04]

Amharc ar fhreagra

Freagraí scríofa

I am informed by the Revenue Commissioners that, based on the analysis of the 2003 returns furnished by all qualifying savings managers, the total number of active accounts at 31 December 2003 was 1,113,880 and the average monthly subscription at that date was €165.

As indicated in replies to previous questions, 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. If the current average monthly payment for the first nine months of 2004 continues for a full year, the annual cost in 2004 would be approximately €545 million. This, however, is not a conclusive figure and the final figure may be different 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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