TÁNAISTE SIMON HARRIS has revealed some further details about the new government savings and investment account.

In a post on social media, the minister for finance set out some key points, saying that further details would be announced on 6 October on budget day.

Harris said that the new accounts will be available to any Irish tax resident over the age of 18, and one account will be permitted per person.

The account will have a tax-free threshold, with a “low flat-rate tax” applying annually to anything above that threshold.

He said that there will be no minimum annual contribution, but there will be a maximum annual contribution

There will also no minimum lock in period for anything that is put in the account. 

Earlier, it was announced that no Capital Gains Tax will be applied on returns earned through the scheme, which is expected to be modelled on the Swedish system known as Investeringssparkonto (ISK) – which Harris flagged in an interview with The Journal in March. 

Under this scheme, zero tax is applied to income or gains arising from investments up to €28,000.

Meanwhile, research by the Banking and Payments Federation Ireland found recently that almost four in five adults have expressed interest in the new savings and investment account.