Ireland sets 50,000 tax-free threshold for new savings scheme

Ireland's newly established retail savings and investment account will enjoy a tax-free allowance of 50,000, with account balances exceeding that amount taxed at a flat rate of 1%. The Irish investment account has an annual maximum contribution limit of 12,000, with no minimum contribution requirement, and allows investment in stocks, bonds, ETFs and other funds. The account is not subject to capital gains tax, nor does the "deemed disposal" rule apply; Finance Minister Simon Harris said this is the first phase of the investment plan and that he is willing to review the contribution limit.