Hi Dave,
Fair comments and I agree with you. I am thinking more in terms of some form of wrapper which the UK ISA is to encourage Irish people to save for the future, may it be a deposit for a house, or indeed their retirement. The current CGT and tax rules on ETFs and stocks and shares seem very complicated to me which would put people like me off investing.
If inflation kicks in, those with money on deposit in their banks are going to lose money when they think they are saving.
I work with people from the UK and other European countries and they have been encourages to save in products like ISAs as they are straightforward and accessible. Also we have Irish people buying stocks and shares and crypto on the likes of Revolut and they have no idea they are liable to tax.
That’s not true actually - we have a scheme whereby tax on savings for a house deposit can be reclaimed:@Sarenco
We are missing something that will encourages young people to save and then use for education or say use for a deposit for a house.
If we see a sustained rise in inflation, then interest rates will inevitably follow.With the potential of high inflation on the way, you are likely to see savings on deposit at the bank and in state savings, lose purchasing power.
AFAIK the Irish government historically relies more heavily than the UK does on retail savers to fund its deficits. Prize Bonds and State Savings products are very popular in Ireland and last time I checked account for 8% of national debt.is there a particular reason why the Irish government has not introduced a similar scheme to the ISA?
Agree.The lifetime allowance for pensions in the UK is around €1.25m, whereas the fund threshold here is €2m. Tax-deferred pensions actually represent a much better deal for savers than post-tax ISAs and we can save materially more within a pension wrapper than our UK counterparts.
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