Ireland to launch tax-free savings account excluding crypto, derivatives

Ireland’s government has announced a new tax-free savings account that will exclude cryptocurrencies and derivatives from eligible investments, Bloomberg reported. The account is targeted for launch early next year and will allow investments in listed stocks, listed bonds and ETFs, while offering tax-free treatment on investment gains within a set cap. A low flat tax rate will apply to gains above the limit, and the 38% deemed disposal tax previously imposed on existing fund products will be waived. Specific limits and tax rates are scheduled to be unveiled in the October budget proposal. The measure is part of a European Union policy push to channel around €11 trillion in bank deposits into investment markets.