Irish Finance Minister, Charlie McCreevy has asked the Revenue Commissioners to look into the implications of allowing first-time buyers saving up for a deposit on a house to open tax free bank accounts.
Currently, savers in Ireland must pay DIRT tax of 20% on interest from funds kept in a deposit account. However, reviving an idea which was first floated during the partnership talks, Irish Congress of Trade Unions (ICTU) president, Joe O'Toole argued that first time buyers should benefit from the same tax incentives as those saving for their pensions.
According to an Irish Examiner report, the ICTU chief, who is also an Independent Senator, intends to raise the issue when the Finance Bill comes before the Seanad this week.
'The real advantage of this is that, unlike the first-time buyer's grant, it can't end up in the hands of unscrupulous builders,' Mr O'Toole explained at the weekend.
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