Taxes Consolidation Act 1997 section 42

Exemption of interest on savings certificates

Section 42 exempts from income tax the accumulated interest on savings certificates issued by the Minister for Finance, and on equivalent savings products issued by EU, EEA, or UK governments, provided the holder does not exceed the authorised holding limit.

• Accumulated interest on Irish savings certificates issued by the Minister for Finance is exempt from tax, as long as the holder's total certificates do not exceed the authorised limit set by ministerial regulations.
• The exemption extends to similar savings certificates or securities issued by governments of EU Member States, EEA states with which Ireland has a double taxation agreement, and the United Kingdom.
• To qualify, the foreign savings products must be issued under rules and conditions that correspond to those governing Irish savings certificates issued by the Minister for Finance.
• A "relevant State" covers all EU Member States, EEA states (Norway, Iceland, and Liechtenstein) where Ireland has a double taxation agreement in force, and the United Kingdom — effectively excluding only Liechtenstein, with which Ireland does not have such an agreement.