Is there an Irish equivalent of an ISA?

Not yet, but one is proposed. The Government has said it intends to legislate during 2026 for a tax-advantaged savings and investment account, with accounts available from 2027. It is often called the Irish ISA or the Personal Investment Account in press coverage, but neither is its name — the Department of Finance calls it an investment account, and Savings and Investment Account is the European Commission's term. Until the legislation exists, there is no product you can open.

What is the new government savings scheme in Ireland?

A proposed account that would let ordinary savers invest without the tax treatment that currently applies to shares and funds. Instead of capital gains tax, exit tax and the eight-year deemed disposal rule, the proposal is a single flat annual charge on the value held above a tax-free threshold. The rate, the threshold and the annual contribution limit have not been announced and are expected in Budget 2027.

When will the new savings scheme start?

The stated intention is to legislate in Finance (No. 2) Bill 2026 and have accounts available to the public in 2027. The parameters that matter — the annual rate, the tax-free threshold and the annual contribution limit — are expected to be set in Budget 2027 on 6 October 2026. Timelines of this kind move, and the scheme has attracted political criticism, so treat 2027 as an intention rather than a date to plan around.

How much can I put in tax-free?

This has not been announced. Reporting has suggested a tax-free threshold in the region of €28,000 of total balance, above which the annual charge would apply, but that figure is unconfirmed: it is widely repeated and appears to trace back to the Swedish model rather than to any Irish announcement. Anyone quoting a firm number at this stage is guessing.

What is deemed disposal, and would this end it?

Deemed disposal is the rule that treats most Irish fund and ETF holdings as if you had sold them every eight years, so tax falls due even though you still hold the investment. It is one of the main reasons Irish investors find funds unattractive. The proposal is that it would not apply inside the new account. It would continue to apply to holdings outside it, and nothing has been said about whether existing holdings could be moved in.

Is this the same as auto-enrolment or My Future Fund?

No. My Future Fund is the workplace pension scheme that started in January 2026 and enrols employees automatically through payroll. This is a separate proposal, for a voluntary savings and investment account you would open yourself. They are different schemes with different rules, and being in one has no bearing on the other.

Not in the way the SSIA worked. The SSIA, which ran from 2001 to 2006, paid a direct State top-up of €1 for every €4 saved. What is proposed here is not a top-up — it is a lighter tax treatment on money you invest yourself. The comparison gets made because both are Government savings schemes aimed at ordinary savers, but the mechanism is quite different — and the accounts would be run by regulated commercial firms, not by the State.

Should I hold off investing until 2027?

That depends on your timeframe and what you would otherwise do with the money, and it is not a question with one answer. Waiting has a cost: money sitting on deposit is losing purchasing power now, and the scheme could be delayed or changed. Not waiting has a cost too, if you start something that would have been better held inside the new account. It is worth talking through rather than guessing.

Would it replace my pension?

No, and on what has been proposed it would not do the same job. A pension gives income tax relief at your marginal rate when you contribute, and an employer can pay into it. The proposed account offers neither — its advantage is lighter tax on growth and money you can reach before retirement. Where you have unused pension capacity, the pension relief may be the larger benefit; the account is for money you may need sooner.

Who would it suit least?

Higher-rate taxpayers with room to contribute, and company directors, whose available structures carry considerably higher limits and full marginal-rate relief, may find the pension relief does more for them — worth checking against your own position. It is also unlikely to help if you need the money within a year or two, since investing over a short horizon carries risk regardless of how it is taxed.

What is the minimum I would be able to invest?

No minimum contribution is envisaged, though a provider could set one of its own. There would be an annual maximum instead, its level due in Budget 2027. Comparable schemes elsewhere start from small monthly amounts rather than large lump sums, and the stated aim of the Irish proposal is to reach ordinary savers rather than only large balances. If you are not working at the moment, note that the scheme as described is about investing money you already have rather than about earnings, so being out of work would not in itself rule you out.

Could I invest a monthly amount for each of my children?

Not at the outset. As proposed, accounts would be open to Irish residents aged 18 or over who hold a PPSN, one account each, and an account for children is to be considered in a future Finance Bill. What is already true is that money you give a child is a gift for Capital Acquisitions Tax purposes, and the annual small gift exemption of €3,000 per recipient per year exists precisely for regular giving of this kind. Two parents can each use it for the same child. Whether a new account could sit inside that arrangement is a question for when the rules are published.

What should I do now?

For most people, nothing that cannot be undone. It is worth knowing what you hold on deposit, what tax your existing investments are exposed to, and how much unused pension capacity you have, so that you can act quickly once the Budget sets the rules. Those three answers are useful whether or not the scheme arrives on time.

Ireland's new savings scheme, in plain terms

The Government intends to create a tax-advantaged account for ordinary savers — an Irish answer to the UK ISA. It is not law yet, and the detail lands in the Budget. Here is what has actually been proposed, and what is worth thinking about before it does.

What is being proposed Call us: 087 148 9171

Woman reviewing savings and investment paperwork at a desk

This is a proposal, not law. The Government has said it intends to legislate during 2026, with accounts available from 2027 and the rate, the tax-free threshold and the annual contribution limit set in Budget 2027 on 6 October 2026. Every figure on this page is what has been proposed or reported — none of it is settled, and some of it will change. Last reviewed 1 September 2026.

Expected availability: 2027Expected availabilityIntended in Finance (No. 2) Bill 2026
Proposed, inside the account: No exit taxProposed, inside the accountOn the wrapper itself
Proposed — deemed disposal: No 8-year ruleProposed — deemed disposalWould not apply inside the account
Proposed — charge above a threshold: Flat annualProposed — charge above a thresholdRate, threshold and annual limit due in Budget 2027

The problem it is meant to solve

How investing is taxed now, and what is proposed instead

Irish households hold more than €170 billion on deposit, and around nine tenths of it sits in current or overnight accounts earning close to nothing. The stated reason for the scheme is that the current tax treatment of investments discourages people from doing anything else with it.

How investing is taxed now, and what is proposed instead
Criterion	Investing today	Inside the proposed account
Tax on gains from shares	Capital gains tax at 33%	No exit or capital gains tax on the account, as proposed
Tax on gains from most funds and ETFs	Exit tax at 38%, cut from 41% in Budget 2026	No exit tax, as proposed
The eight-year ruleDeemed Disposal	Tax falls due every eight years even if you sell nothing	Proposed not to apply
Tax on deposit interestDIRT	33%	No cash on deposit inside the account, so no interest and no DIRT
What you pay instead	Nothing until a gain or a deemed disposal arises	A flat annual charge on the value held above a tax-free threshold
Who does the paperwork	Largely you, including the eight-year calculation	Providers report to Revenue, as proposed

Tax on gains from shares

Worse:Investing today: Capital gains tax at 33%
Better:Inside the proposed account: No exit or capital gains tax on the account, as proposed

Tax on gains from most funds and ETFs

Worse:Investing today: Exit tax at 38%, cut from 41% in Budget 2026
Better:Inside the proposed account: No exit tax, as proposed

The eight-year rule

Deemed Disposal

Worse:Investing today: Tax falls due every eight years even if you sell nothing
Better:Inside the proposed account: Proposed not to apply

Tax on deposit interest

DIRT

Neither better nor worse:Investing today: 33%
Neither better nor worse:Inside the proposed account: No cash on deposit inside the account, so no interest and no DIRT

What you pay instead

Better:Investing today: Nothing until a gain or a deemed disposal arises
Worse:Inside the proposed account: A flat annual charge on the value held above a tax-free threshold

Who does the paperwork

Worse:Investing today: Largely you, including the eight-year calculation
Better:Inside the proposed account: Providers report to Revenue, as proposed

Left column: the rules in force in September 2026. Right column: what has been proposed or reported and is not yet law. The rate of the annual charge, the level of the tax-free threshold and the annual contribution limit are the three numbers that matter most, and none has been announced — all three are due in Budget 2027 on 6 October 2026.

The same money, three ways

What €50,000 becomes over 10 years

Going from deposit to investing changes what your money earns. Going from investing to the proposed account changes just the tax.

Left on deposit, in a fixed term: €56,592 in total; 1.86% interest, taxed at 33% DIRT each year
Invested under today's rules: €64,533 in total; 38% exit tax, and a deemed disposal every eight years
Inside the proposed account: €70,139 in total; No exit tax, no eight-year rule, an annual charge instead

How much?

Over how long?

Deposit interest is modelled at 1.86% a year. The account's annual charge and tax-free threshold have not been announced, and are modelled here at 1% a year on value above €28,000. Growth is assumed at 5% a year before charges, with fund and advice charges of 1% a year on both invested options — placeholders you can change under Assumptions. Not a personal recommendation.

Added each month

€0€2,000

Assumed annual growth, before charges

0%10%

Deposit interest rate

0%4%

Fund and advice charges

0%2.5%

Account charge above threshold (TBC)

0%3%

Tax-free threshold (TBC)

€0€100k

Investing rather than leaving it on deposit is worth €7,941 here. On the charge and threshold assumed here, the proposed account adds €5,606 on top. Which matters more depends on what your deposit earns and on the account charge, and the charge has not been set.

Each figure is what that option is worth after the tax due at that point, on top of everything paid in. The 1.86% deposit rate is the Central Bank's average for new household term deposits, and is held flat for the whole period — in practice a term ends and you reprice into whatever rates exist then. Most household money sits in overnight accounts nearer 0.14%. Tax rates are those in force at the date above and can change, usually at Budget.

Source: Revenue (DIRT, exit tax, deemed disposal) and Central Bank of Ireland (retail deposit rates), as at September 2026

Worth thinking about now

Three situations where this is worth planning around early

For most people the sensible thing is to wait and see what the Budget actually says. For three groups there is something to think about before then, because a decision taken now can be hard to undo later.

You have a large balance sitting on deposit
Cash earning less than inflation loses value quietly. Whether this account changes that for you depends on a threshold nobody has set yet — but the underlying question is worth answering either way.
See what changes
You already hold funds or ETFs
You are inside the eight-year deemed disposal regime now. Whether anything existing could move into a new account, and on what terms, is not yet known.
What we know
You pay tax at the higher rate, or you are a director
A pension still gives relief at your marginal rate and this account is not proposed to. The two do different jobs, and the right order depends on your position.
Compare with a pension

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Different jobs, not competitors

The new account and a pension are not the same tool

It is tempting to read a new tax-efficient account as a replacement for pension saving. On what has been proposed, it is not — the two are taxed differently, unlock at different times, and solve different problems.

The new account and a pension are not the same tool
Criterion	Proposed savings account	Pension (PRSA, occupational, executive)
Relief when you put money in	None proposed	Income tax relief at your marginal rate, 20% or 40%
When you can get at it	No minimum holding or lock-in period, as proposed	Usually 60, but from 50 if you have left the employment it relates to
Tax while invested	A flat annual charge above a threshold, as proposed	No tax on growth inside the fund
Tax when you take the money out	No tax on withdrawal, as proposed	Taxed as income at your marginal rate, apart from the tax-free lump sum
Employer can contribute	No	Yes, and it is not treated as your income
How much you can put in	Proposed annual contribution limit — level due in Budget 2027	Age-related limits, higher again for company structures
What it is good for	Money you may need before retirement	Money you will not need until you stop working

Relief when you put money in

Worse:Proposed savings account: None proposed
Better:Pension (PRSA, occupational, executive): Income tax relief at your marginal rate, 20% or 40%

When you can get at it

Better:Proposed savings account: No minimum holding or lock-in period, as proposed
Worse:Pension (PRSA, occupational, executive): Usually 60, but from 50 if you have left the employment it relates to

Tax while invested

Worse:Proposed savings account: A flat annual charge above a threshold, as proposed
Better:Pension (PRSA, occupational, executive): No tax on growth inside the fund

Tax when you take the money out

Better:Proposed savings account: No tax on withdrawal, as proposed
Worse:Pension (PRSA, occupational, executive): Taxed as income at your marginal rate, apart from the tax-free lump sum

Employer can contribute

Worse:Proposed savings account: No
Better:Pension (PRSA, occupational, executive): Yes, and it is not treated as your income

How much you can put in

Neither better nor worse:Proposed savings account: Proposed annual contribution limit — level due in Budget 2027
Better:Pension (PRSA, occupational, executive): Age-related limits, higher again for company structures

What it is good for

Neither better nor worse:Proposed savings account: Money you may need before retirement
Neither better nor worse:Pension (PRSA, occupational, executive): Money you will not need until you stop working

For many people with unused pension capacity, marginal-rate relief on a pension may be the larger number — but the money is locked away for longer. A personal pension or PRSA is usually accessible from 60; an occupational or executive pension can generally be drawn from 50 once you have left that employment, and ill health can allow earlier access again. Which order these belong in depends on when you will actually need the money. That is a planning question, not a product question. Tax reliefs described are those currently applying and can change, usually at Budget. Relief on a personal pension is claimed by you from Revenue rather than applied automatically, so a reader who does not claim it does not get the figure shown here.

Where the idea comes from

Ireland is late to this, which is the good news

Most comparable countries already have a tax-advantaged wrapper for ordinary savers. The proposal borrows from them, so their designs are a reasonable guide to what Ireland's might look like — and to the questions worth asking when the detail arrives.

United Kingdom — the ISA

An annual allowance of £20,000 that can be paid into cash or investments. No tax on income or gains inside the wrapper, and no tax on the way out. It is the model most people mean when they say Ireland should have one.

Sweden — the ISK

The closest match to what Ireland has proposed. Rather than taxing gains, it applies a flat annual charge based on the value of the account, linked to government bond rates. Simple to administer, and it taxes you in years when you have lost money as well as years when you have gained.

Elsewhere in the OECD

France, Canada and Japan all run some version of the same idea, with different combinations of annual limits, lifetime caps and holding periods. The recurring lesson is that the annual limit matters more to most savers than the headline rate.

See how the numbers compare

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We look at what you hold on deposit, what you already have invested, and what pension capacity you have not used.
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The new savings scheme — common questions

What people are asking while the detail is still being worked out. Answers reflect what has been proposed as of 1 September 2026.

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Warning: These figures are estimates only. They are not a reliable guide to the future performance of this investment.

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