Updates

The Finance Bill and the PIA: what section 26 says

The Finance (No. 2) Bill 2026 writes the account into law as the individual investment account. Daily valuation, a €12,000 calendar-year limit, cash-only contributions and who can offer it — in plain English.

Updated 20 October 2026

Correct as of the rules ledger v2026.10.8 (20 October 2026). This post was checked against the ledger on that date.

The short version

The Finance (No. 2) Bill 2026 was published on 19 October 2026. Section 26 writes the account into tax law as the individual investment account. The Budget figures are all there: €50,000 tax-free, 1% above it, €12,000 a year. The Bill also answers most of the questions in our open-questions register.

In the Bill, not yet law

The Bill must pass the Dáil and Seanad and be signed, usually in December. It can be amended along the way.

What section 26 says

Rule	What the Bill says
How it's valued	Daily, at close of business. The 1% is charged on the yearly average above €50,000.
Which year	The calendar year. Only days the account was open count.
Contribution limit	€12,000 per calendar year. Withdrawals don't free up room. No monthly limit.
Paying in too much	The excess is taxed at 1% a month until it's withdrawn.
What it can hold	Listed shares and bonds, EU-authorised UCITS funds and ETFs, insurance-based investment products.
Cash	Only there to be invested. No interest may be paid on it.
Who can offer it	Banks, insurers, MiFID firms, fund managers and EEA firms passporting in, once registered with Revenue.
Moving provider	Allowed. Investments move as they are if both providers agree; otherwise they're sold and the cash moves.
Losses	Can't be used against other gains.
Tax admin	The provider calculates, deducts and pays. You don't file anything for it.
Leaving Ireland	You keep the account but can't pay in until you return.
Start date	Accounts allowed from 1 January 2027 at the earliest; the Minister sets the start by order. The planned launch is 1 July 2027.

Finance (No. 2) Bill 2026, s.26 (new ss.747H–747AA TCA 1997), as published 19 October 2026.

Three things readers should know

Existing holdings can't be moved in as they are. Only cash goes in. Moving an ETF you hold now means selling it first, paying any exit tax or CGT due, and paying the cash in within the €12,000 limit.

The average helps people who are paying in. A growing account is usually worth less on average than at year end, so the charge comes in a little lower than a year-end snapshot would suggest. Our calculator now uses this average-value method.

A part-year doesn't shrink the €50,000. Someone who opens in July 2027 is averaged over the days they held the account, with the full threshold.

Outside the account

Section 29 cuts exit tax on funds and ETFs from 38% to 35% from 1 January 2027, and section 36 sets capital gains tax at 31% for disposals on or after 7 October 2026. The eight-year deemed-disposal rule stays.

Still open

The Bill leaves some details to regulations: how cash and foreign-currency holdings are valued, and what statements must show. The exact start date depends on a ministerial order. There's still no children's version. Providers haven't published fees. We track all of these in the rules ledger and the provider tracker.

Frequently asked

Is the PIA in the Finance Bill?

Yes. Section 26 of the Finance (No. 2) Bill 2026, published on 19 October 2026, adds a new Part 27A to the Taxes Consolidation Act 1997. It calls the account the individual investment account. The Bill is not yet law.

How is the 1% PIA tax calculated under the Bill?

The account is valued at close of business every day. The values are averaged over the days the account was open in the calendar year, and 1% is charged on any average above €50,000. An average of €52,000 means €20 of tax.

Can I move my existing ETFs into the PIA?

Not as they are. Under the Bill, money paid in is used to buy investments inside the account. Investments can only be moved as they are between two PIA providers, and only if both agree.

What happens if I pay in more than €12,000?

The excess is taxed at 1% a month until you withdraw it. Withdrawals do not free up room under the limit for the same year.

Keep reading

Run your own numbers

Compare a Personal Investment Account against a deposit account and a standard fund over 10, 20 or 30 years — with real Irish rates.

Open the PIA calculator

Information only, not financial or tax advice. PIA rules are as written in the Finance (No. 2) Bill 2026, published 19 October 2026, and are not law until the Bill is signed. Figures cited are from the Department of Finance roadmap, Revenue, Skatteverket, GOV.UK and the IRS.