Savings
Proposed account, ETF exit tax, deposit
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Proposed Irish account, ETF exit tax, and a deposit. Rates are editable.
What is left
Assumes 7% growth a year, 2% deposit interest, and 33% DIRT on the deposit. Change
Irish fund tax on ETFs is 38% today, so the main ETF column uses 38%. The 35% line is only a ‘what if’ from a Budget announcement — it is not the law yet.
End values
| Account | Paid in | Tax modelled | Left, euro |
|---|---|---|---|
| Proposed Irish Investment Account | €96,000.00 | €5,554.67 | €171,164.64 |
| Irish ETF tax | €100,000.00 | €33,789.08 | €155,129.55 |
| Deposit account, after DIRT | €100,000.00 | €6,151.00 | €112,488.40 |
| Excess in the deposit | €4,000.00 | €435.39 | €4,883.98 |
ETF tax events
Opening cash and each year’s payment go in at the beginning of that year. Age is 0 that day. Eight year-ends later, the gain is taxed, and again every further eight years. A payment at the beginning of year 2 is first taxed at the end of year 9, not in year 8 or year 10. Opening cash and the year-1 payment are first taxed at the end of year 8. The rate is the rate for that column on the tax date, not the purchase date. 38% is current law. 35% is announced and not enacted. A dashed line is a year when at least one lot reaches an anniversary. The last row also includes the final sale. Tax is paid from other money, so the end value is the fund minus tax, not cash left after selling units to pay the bill.
| Year | Tax at the box rate | Tax at announced 35% |
|---|---|---|
| 8 — anniversary | €4,366.57 | €4,021.84 |
| 9 — anniversary | €1,637.47 | €1,508.19 |
| 10 — anniversary | €1,637.46 | €1,508.19 |
| 11 — anniversary | €1,637.47 | €1,508.20 |
| 12 — anniversary | €1,637.46 | €1,508.19 |
| 13 — anniversary | €1,637.46 | €1,508.19 |
| 14 — anniversary | €1,637.47 | €1,508.19 |
| 15 — anniversary | €19,597.72 | €18,050.53 |
Sources, checked 2026-11-03
Proposed, not law Proposed Irish Investment Account — planned July 2027; subject to legislation and provider availability. Not current law and not a State-guaranteed account. The minister’s answer of 20 October 2026 said the full €12,000 allowance applies in 2027 despite the July start. Opening cash and the same year’s new money share that allowance in this calculator. Tax is 1% of average value above €50,000, not 1% of the gain. The average on this page is a labelled approximation, not a daily series. The Oireachtas tracker still listed enactment as a future stage on 3 November 2026. Its chronology looks incomplete, so this page does not name a precise stage. Department of Finance, 19 October 2026. Bill status. Minister’s answer, 20 October 2026.
Current Investment undertaking exit tax for Irish-resident individuals is 38% from 1 January 2026. That is current law. Finance (No. 2) Bill 2026 announces 35% from 1 January 2027. That rate is not enacted. The rate follows the chargeable-event date, not the purchase date. The eight-year deemed disposal still applies to Irish funds and equivalent offshore funds, including many EU ETFs. Some products are taxed differently. This is not a fund classification. Dáil answer, 28 July 2026, advised by Revenue.
Current DIRT is 33% and is a final income-tax liability on Irish deposit interest. USC does not apply. PRSI can. This calculator does not add PRSI. Revenue — what DIRT rate is applicable? Published 24 April 2026.
UK In the 2026 to 2027 tax year the overall ISA allowance is £20,000. A stocks and shares ISA can take the whole allowance. GOV.UK’s rates annex also shows £20,000 for 2027 to 2028. From 6 April 2027 the cash ISA limit for people under 65 is due to fall to £12,000; the stocks and shares allowance stays within the £20,000 overall limit. ISAs are for UK residents. This site does not look up a live euro-sterling rate. ISA overview. Rates annex. September 2026 ISA newsletter.
Proposed Irish Investment Account — planned July 2027; subject to legislation and provider availability. Not current law, and not a State-guaranteed savings account.
The minister's written answer said the full €12,000 allowance applies in 2027 even though the account is planned from July. This model uses that full year. It does not halve the allowance.
Opening cash and the same year's new contribution share one €12,000 allowance. A €50,000 tax threshold is not a contribution allowance.
Tax is 1% of the average account value above €50,000, not 1% of the gain and not 1% of the whole balance. The average here is the halfway point between the value just after the contribution and the value just before the tax. That is an approximation of the average daily value, not a daily series.
No ordinary exit tax or deemed disposal is applied inside this account.
Money above the allowance is not inside the proposed account. The same-budget line puts that excess in the deposit.
Opening cash and each year's payment are bought at the beginning of that year. Age is 0 on that day. The lot grows at each year-end. Tax falls when eight years have elapsed, then every further eight years. A payment at the beginning of year 2 is first taxed at the end of year 9, then at the end of years 17 and 25. It is not taxed in year 8 or year 10. Opening cash and the year-1 payment are first taxed at the end of year 8, then 16 and 24.
The rate is applied on the chargeable-event year, not the year the units were bought. 38% is current law from 1 January 2026. 35% is an announced 2027 rate and is not enacted. Pick the scenario; this page does not silently switch.
At the end, this model charges exit tax on the gain and subtracts tax already modelled on that gain, so the same gain is not fully taxed twice. The opened sources are not a complete credit specification. This arithmetic is the calculator's model, not a certified Revenue computation.
Tax is treated as paid from other money, so the fund keeps compounding. The end value is the fund minus tax. It is not the same as cash you could spend if the tax had been taken out of the pot.
Interest is added once a year. DIRT is taken off that interest. The contribution goes in at the start of the year.
This is only the money the proposed account did not take, grown at the deposit rate after DIRT.
Assumptions and references
Assumptions
- Opening cash and each year’s payment are bought at the beginning of that year. Age is 0 on that day. The balance then grows at the year-end.
- Each ETF lot is taxed when eight years have elapsed, then every further eight years. A payment at the beginning of year 2 is first taxed at the end of year 9, then at the end of years 17 and 25. Opening cash and the year-1 payment are first taxed at the end of year 8, then 16 and 24. The rate is the rate on that tax date. 38% is current law. 35% is an announced rate and is not enacted. Tax is treated as paid from other money. Earlier tax is credited against the final bill once. A credit larger than the final bill is not repaid.
- Losses are not set against other income. A negative gain at a deemed-disposal date creates no tax and does not produce a refund.
- The investment-account tax uses the average of the post-contribution value and the pre-tax value. The Bill uses the average of daily values, which this yearly model cannot see.
- Opening cash uses the proposed account’s €12,000 allowance first. The same year’s new payment uses what is left. Money above the allowance is placed in the deposit, so a larger plan is not dropped.
- DIRT is taken off deposit interest only. PRSI on that interest is not added.
How this is calculated
- Deposit: balance = (balance + contribution) × (1 + interest × (1 − DIRT)), rearranged from interest first and tax on that interest.
- ETF lot: value = value × (1 + growth). Every eighth year, tax += max(0, value − last deemed value) × exit-tax rate, then the deemed value becomes the current value.
- Final ETF tax = max(0, (value − original cost) × rate − tax already paid). End value = fund − all tax.
- Investment account: tax = rate × max(0, average − threshold), with average = (opening + closing before tax) / 2. The tax is then taken off the closing value.