Taxes Consolidation Act 1997 section 848C

Special savings incentive account

Section 848C sets out the terms and conditions that must be met for an account to qualify as a special savings incentive account (SSIA).

• An SSIA had to be commenced by a qualifying individual between 1 May 2001 and 30 April 2002 with a registered qualifying savings manager, and only the individual or their spouse could subscribe to the account (apart from Exchequer tax credits).
• Monthly subscriptions of between €12.50 and €254 were agreed at commencement and paid for each of the first 12 months; subscriptions in any month could not exceed €254, and subscriptions made from the fifth anniversary onward did not qualify for tax credits.
• Subscriptions and tax credits were used by the savings manager to acquire qualifying assets beneficially owned by the individual, which could not be assigned or pledged as security for a loan.
• The individual was required to make an opening declaration at commencement and a closing declaration within three months of the maturity date, and the savings manager was obliged to verify the individual's PPSN and ensure ongoing compliance with the account terms.