What is a Personal Investment Account?
A Personal Investment Account (PIA) is a new type of investment account for Irish tax residents, due to be available in 2027. It holds shares, bonds, funds and ETFs in one place and is taxed by a low flat yearly charge on the value above a tax-free threshold.
The Government set out the design in its Roadmap for the Taxation of Retail Investment, published on 31 August 2026. The official name is the "Investment Account". Most media and financial firms call it the Personal Investment Account, or PIA, and that is the name we use on this site.
How does the PIA work?
You open one account with a qualifying provider, pay money in, and choose investments. The provider works out any tax due each year and pays it to Revenue on your behalf. You do not file a tax return for the account.
- There is no minimum contribution.
- There will be a maximum you can pay in each year. The amount will be announced in Budget 2027.
- There is no lock-in period. You can take money out when you need it.
- Each person can hold one account.
Who can open a PIA?
In its first phase the account is open to individuals who are tax resident in Ireland, aged 18 or over, and who hold a PPSN.
How is a PIA taxed?
The account has a tax-free threshold. Each year, a low flat rate of tax applies to the value of the account above that threshold. If the account is worth less than the threshold, no tax is due. The tax is final, so there is nothing further to declare.
The roadmap gives the calculation as: (account value minus tax-free threshold) multiplied by the flat rate.
| Figure | Amount |
|---|---|
| Flat tax rate | To be confirmed in Budget 2027 (6 October 2026) |
| Tax-free threshold | To be confirmed in Budget 2027 (6 October 2026) |
| Annual contribution limit | To be confirmed in Budget 2027 (6 October 2026) |
Note the difference from today's rules. The PIA tax is charged on the value of the account each year, not on your gains. That means tax can be due above the threshold even in a year when your investments fall in value. How this compares with exit tax or capital gains tax for you will depend on the rate and threshold announced in the Budget.
What can you invest in?
Eligible investments include listed shares, listed bonds, financial instruments traded on a regulated market, and investment funds suitable for retail investors, including ETFs. The roadmap also lists insurance-based investment products.
Derivatives and crypto assets are excluded. Cash can be held only for a short time to settle purchases and sales, so the account is not a replacement for a deposit account.
How is this different from investing today?
| Funds and ETFs today | Shares today | Inside a PIA | |
|---|---|---|---|
| Tax | 38% exit tax on gains | 33% capital gains tax on gains, plus income tax on dividends | Low flat yearly rate on value above the threshold |
| Deemed disposal | Yes, every 8 years | No | No |
| Who does the tax | You, in many cases | You | Your provider |
| Limit on how much | None | None | Annual contribution limit |
The existing rules stay in place for investments held outside the account. The Government has said it will look at the exit tax rate, deemed disposal and simpler administration in Budget 2028 and later.
Who will provide PIAs?
Proposed eligible providers include MiFID-authorised investment firms, regulated fund managers, and insurers or firms regulated under the Insurance Distribution Regulations, including eligible providers authorised elsewhere in the EEA. No provider has a PIA on sale yet.
What are the risks?
A PIA is an investment account, not a savings account. The value of what you hold can fall as well as rise, and you could get back less than you put in. Investments are not covered by the Deposit Guarantee Scheme that protects bank deposits. Investing is generally considered suitable only for money you can leave alone for the medium to long term.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: Past performance is not a reliable guide to future performance.
What happens next?
- 6 October 2026: Budget 2027 announces the tax rate, threshold and contribution limit.
- Late 2026: the Finance (No. 2) Bill 2026 sets out the legal framework.
- 2027: accounts become available from qualifying providers.
See our Budget 2027 page for updates, or the FAQ for short answers.
Get told when accounts open
We will email you the Budget 2027 figures when they are announced, and again when Personal Investment Accounts can be opened. No spam, and you can unsubscribe at any time.