Blog
What is the Personal Investment Account? Ireland's 2027 investing shake-up
The plain-English explainer: what the PIA is, how the flat annual tax works, who can offer it, and what is still undecided before Budget 2027.
Updated 3 September 2026
The short version
For decades, investing in Ireland outside a pension has meant one of two bad options: leave money in a deposit account earning close to nothing after 33% DIRT, or buy funds and ETFs taxed at 41% with a rule that charges you tax every eight years whether or not you sold anything. The Personal Investment Account is the state's answer to that, and it is due in 2027.
Instead of taxing what you gain, it taxes what you hold. Once a year, above a tax-free threshold, a flat rate applies to the value of the account. You do not file trade-by-trade calculations. There is no deemed disposal. When the charge is paid, that is the end of it.
Still not law
How it differs from what exists today
| Deposit account | Fund / ETF today | PIA from 2027 | |
|---|---|---|---|
| Tax rate | 33% DIRT on interest | 41% exit tax on gains | Flat rate on value, TBC |
| When you pay | As interest is credited | On sale, or every 8 years | Annually |
| Loss relief | n/a | No offset against other gains | None — charge is on value |
| Filing burden | None — deducted at source | Self-assessment | Reported by the provider |
| Tax-free amount | None | None | Yes — threshold TBC |
The trade-off is real and worth stating plainly: because the charge is based on value rather than gains, you can owe tax in a year your portfolio fell. That is the same design Sweden has run since 2012, and Sweden's answer was to exempt a base amount — which is exactly why Ireland's threshold matters so much.
Who can offer one
The roadmap names MiFID-authorised investment firms, regulated fund managers, and non-Irish EEA providers passporting into Ireland. That last category matters: it opens the door to the large European brokers Irish investors already use, rather than limiting the account to the pillar banks. See our provider directory for who has signalled intent so far.
Transfers between providers are intended to be tax-neutral, subject to operational feasibility. If that survives into the Finance Bill, switching costs fall and fee competition becomes the main battleground.
What you should do before 2027
- Keep funding your pension first — nothing in the PIA beats income tax relief at your marginal rate.
- Understand your existing holdings' eight-year clocks before assuming you can move them. There is no confirmed migration path for existing funds.
- Do not park a lump sum in cash "until the PIA arrives" without pricing the cost of waiting — our calculator shows what a year out of the market costs against DIRT-taxed deposit returns.
Frequently asked
What is a Personal Investment Account?
A proposed Irish investment account, due in 2027, that taxes the value of your holdings once a year at a flat rate above a tax-free threshold instead of taxing gains when you sell. The charge is final and there is no eight-year deemed disposal.
When will the PIA be available in Ireland?
The Department of Finance roadmap published on 31 August 2026 states the account should be available in 2027, legislated through the Finance Bill.
What can you hold in a PIA?
Listed shares and bonds, retail funds and ETFs, and insurance-based investment products. Derivatives and crypto are excluded, and cash is limited to what is needed to settle transactions.
What tax rate will apply?
Not yet decided. The rate, the tax-free threshold and the annual contribution limit are all deferred to Budget 2027.
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 calculatorInformation only, not financial or tax advice. Final PIA rules — the contribution limit, the tax-free threshold and the flat rate — are due to be confirmed in Budget 2027 and the related Finance Bill. Figures cited are from the Department of Finance roadmap, Revenue, Skatteverket, GOV.UK and the IRS.