Dáil
‹ Ceisteanna—Questions. Oral Answers. - Prize Bond Fund. Prize bond fund interest rate
Summary
The Minister said the fund is calculated at 6¼% tax-free interest, equivalent to 9.6% gross at the standard tax rate; he is considering a higher prize fund and how to distribute it.
asked the Minister for Finance the rate of interest being paid by the Government on moneys in the prize bond fund.
Comment on this
In calculating the prize bond fund, a rate of interest of 6¼ per cent per annum tax free, equivalent to 9.6 per cent gross for a taxpayer at the standard rate of income tax, is allowed. I announced in my budget statement that I intended to increase the prize fund and I am considering at present what the new rate should be and how this additional money should be distributed in prizes.
