Irish citizens have a range of pension options available to them in line with other developed economies (PRSAs, occupational pensions etc.) but we lack an easily accessible tax-efficient savings / investment vehicle.

In Ireland, any income from savings or investments is subject to onerous tax treatment via capital gains tax, DIRT, income tax, PRSI or USC depending on the type of investment. Revenue reporting requirements are also intricate and complex for most forms of investment income and for the average man and woman this means hiring an accountant.

With high barriers to saving and investing in Ireland there should be no surprise that there is over €100bn on deposit in Ireland earning little to no interest, and most people have no way to save or invest effectively for the more substantial and important things in their lives e.g. a deposit to buy a house, paying for a child's education, a supplement to retirement etc.

The solution to this is the introduction of a flexible, tax-free savings and investment vehicle which allows the investor to grow their savings free of income and capital gains. The scheme would factor in sensible contribution limits and would ensure that people can more easily save a pot of funds to help them reach their personal needs and goals. There are many similar working models already in existence, for example the ISA (Individual Savings Account) in the UK and the ISK (Investeringssparkonto) in Sweden. This petition requests that a similar scheme be created and made available to Irish residents.

We believe this new scheme is urgently required as in a world of ever increasing costs for the basic necessities of life, it will provide an accessible financial vehicle that can grow tax free, to the average man and woman. This will empower individuals to acquire a better quality of life and provide more security for both them and their family’s future.