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NATIONAL SOLIDARITY BOND

The tax-free status of the National Solidarity Bond is drawing flak because the government has introduced it while increasing taxes on bank deposits and slapping a stealth tax on other investment products, according to The Sunday Times.

The bond, which will be available through post offices from Tuesday, will pay a tax-free bonus of 40% after 10 years, with an additional 10% subject to Dirt tax, adding up to 47.5% after tax.

At the moment, bank deposits attract Dirt of 25% and insurance funds have been hit with a 1% levy.

One broker, Gerard Sheehy of Investandsave.ie, is describing this aspect of the new bond as a “smash and grab” tax.

“Attacking one form of savings – investment funds – while introducing another product that’s largely tax-free suggests the government has no policy on savings. It seems to be making it up as it goes along.”

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