Ireland’s personal investment account opens for applications July 2027
Announced by Minister for Finance Simon Harris during Budget 2027, Ireland’s new personal investment account scheme opens for applications on 1 July 2027, allowing individuals aged 18 or over with a PPS number to invest up to €12,000 annually with no minimum amount. The scheme features a €50,000 tax-free threshold, after which investors pay a tax rate of 1% a year on the portion over €50,000 based on the account’s value rather than its profit.
Personal Investment Accounts Exclude Crypto and Avoid Taxes
Eligible assets for the personal investment account include exchange traded funds (ETFs), bonds, shares, insurance-based investment products, or investment funds, but not crypto. Savers are not tied to any minimum term or lock-in period, and because the provider takes care of all tax obligations and remits payments directly to Revenue, individuals are spared from calculating or filing any tax returns so the saver does not have to work out or return any tax. The usual taxes on investing do not apply, meaning gains can grow without capital gains tax, exit tax, or dividend withholding tax, and investors won’t have to worry about the dreaded issue of deemed disposal.
Comparison With Existing Savings
The maximum annual contribution limit of €12,000 is well below Britain’s £20,000 limit. Unlike Swedish and British equivalents, it cannot be used as a savings account, so its value rises and falls with the markets. Saving €50 a month in the account can give a return of about €8,704 after 10 years, or more than €26,000 after 20, whereas saving €50 a month in a current account would give just €12,000 after 20 years.
Providers Have Not Published Fees for New Accounts
Every fund charges its own yearly fee, and buying or selling investments can carry dealing charges as current broker price lists show. Administration fees might also be levied by account providers, and no provider has yet published its prices for the new account, and no limit on fees has been set.