Taxes Consolidation Act 1997 section 787I

Exemption of PRSA

Section 787I exempts from income tax the investment income, deposit income and certain underwriting commissions of a personal retirement savings account (PRSA).

• Investment income and deposit income of a PRSA are exempt from income tax, provided a claim is made and Revenue are satisfied that the investments or deposits are held for the purposes of the PRSA.
• For these purposes, "investment" includes a contract entered into in the course of dealing in financial futures or traded options quoted on any futures exchange or stock exchange, whether or not situated in the State.
• Underwriting commissions applied for the purposes of the PRSA are also exempt, but only where those commissions would otherwise be chargeable under Schedule D Case IV (i.e. casual underwriting transactions, not an organised underwriting trade chargeable under Case I).
• Each exemption must be formally claimed and is allowed only to the extent that Revenue are satisfied the relevant conditions are met.