507. Deputy Séamus McGrath asked the Minister for Finance if he has considered introducing a savings scheme similar to the UK’s individual savings account (details supplied). [59586/25]

The central thrust of the Savings and Investments Union (SIU) project is to help European citizens to invest more so as to insure that they have better financial outcomes and are better provided for in the future. Furthermore, the EU SIU project is also about trying to deepen the pools of capital that can be made available for investment purposes so as develop businesses bringing more growth to the European economy. In March, the European Commission launched the SIU Strategy, which includes measures to advance the Capital Markets Union (CMU) project. Included in this strategy was a commitment to adopt a European blueprint for savings and investment accounts.

In this regard, on 30 September, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts (SIAs) in Member States. The Recommendation outlines the key characteristics that SIAs should have to maximise their uptake and help achieve the objective of boosting retail participation in capital markets.

Ireland is committed to support initiatives that enhance retail investor participation in capital markets. As such, I strongly welcome the publication of this Recommendation. While Ireland does not have a specific investment account for retail investors in place, the tax treatment of retail investments was considered as part of a broader review into the Funds Sector in Ireland that was carried out last year, which culminated in the ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ report that was published in October 2024.

As part of Budget 2026 I announced my intention to publish a roadmap in early 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs. In addition, in recognition of the importance of encouraging retail investment, Finance Bill 2025 includes provision for a reduction in the rate of taxation that applies to Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38%.