Dáil Éireann Debate, Wednesday - 27 April 2005
61 Mr. S. Ryan 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 such figures, his Department will now give a definite figure for likely cost to the Exchequer of the specials savings investment scheme; and if he will make a statement on the matter. [13364/05]
Amharc ar fhreagraI am informed by the Revenue Commissioners that all qualifying savings managers are furnishing their 2004 SSIA annual returns at present. The Revenue Commissioners are analysing these returns and it is expected that final details of this analysis will be available shortly.
All qualifying savings managers have, in advance of the annual return, provided a declaration indicating the number of active accounts held at 31 December 2004. Based on these 2004 declarations, I am informed by the Revenue Commissioners that the total number of active accounts at 31 December 2004 was 1,094,188 and the average monthly subscription was €175. Revisions may be necessary if amendments are received at a later date.
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 participants dying, withdrawing from the scheme or varying their monthly contributions. The cost of the scheme in 2004 was €548 million. Based on the average tax credit payout in the first three months of 2005, the estimated cost in 2005 is €572 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.
