buliding work and ssia's

tabatha

was thinking of getting my attic converted. i am using my ssia to do it. i was just wondering if you think that i should get it done now rather than when the ssia's come out as maybe builders will put there prices up then? what do people think about this?

johnnyrotten

Defo. The prices will rocket

squire1

Simpe economics. Supply and demand. If you can get in before the rush then do so.
I've heard stories of people borrowing money against their SSIA's as your money is worth more now than it will be when the country is awash with spare cash. "More bang for your buck" as they say.

Alun

johnnyrotten wrote:

Defo. The prices will rocket

Not only that, but you won't be able to find a decent builder with enough time to do the job for love or money anyway, not that that's any different to the situation now

Samson

I agree with what's been said, the price of everything (cars, home entertainment, building work, hell even property prices) will jump from May of next year.
I decided to get a new car last month, rather than wait until I can afford it, as I reckon bargaining power will decrease substantially once the SSIAs mature!

If can afford it, get it done now.

galwaydude

how much shuld one make if they put in the maximum amount, i was thinking prob 21 k with tthe interest added in from the BOI.

Is the money still taxfree if you move it abroad to another bank.

Samson

Once it has matured, it's yours to do with as you please.

Lex Luthor

galwaydude wrote:

how much shuld one make if they put in the maximum amount, i was thinking prob 21 k with tthe interest added in from the BOI..

I'd be happy with that...I was thinking more 20k, but I got mine with AIB. SO has the missus.

galwaydude

i wonder after the government scheme will the banks come up with some similar scheme.

CJhaughey

Ehh? The banks? its a government scheme all the banks are doing is holding onto your money till it matures.
You can be sure that no bank will be giving 1 euro in four for free...

galwaydude

i know that mr haughey.

tabatha

i think its more 19k for the max amount, thats what im expecting anyway!

Gordon Gekko

You don't get the whole amount into your hot little hands. There's an exit tax of 23% payable on any profits/interest (depending on whether your SSIA is stock market or deposit account based), once your SSIA matures. However your contributions and government contributions are returned to you tax free.

prospect

Gordon Gekko wrote:

There's an exit tax of 23% payable on any profits/interest (depending on whether your SSIA is stock market or deposit account based)

Is that not only on the profit from the investment?

i.e.
You contribute : €1000
Government give: €250
Stock Market adds (example): €100

Total: €1350
23% on profit (€100): €23

Amount in hand: €1327

Also, you are entitled to the intrest on your money sitting in the account. This is also taxable iirc.

**P.S. I am very open to correction on all of the above **

FX Meister

Is the exit tax not just for money taken out of SSIAs brfore they mature?

johnnyrotten

FX Meister wrote:

Is the exit tax not just for money taken out of SSIAs brfore they mature?

Correct!

Lex Luthor

tabatha wrote:

i think its more 19k for the max amount, thats what im expecting anyway!

Just worked it out...max contributions + gov. bonus = €19046.07
Interest to be added to that.

Gordon Gekko

No. All SSIA's have to pay 23% on any gains made (stock market profits or interest earned from deposit account) (excluding govt. contribution) on maturity. If you take your SSIA out before maturity, you are liable to 23% tax on everything - your contribs, government contribs, and any gain you've made through investment returns/interest on deposits.

tabatha

Lex Luthor wrote:

Just worked it out...max contributions + gov. bonus = €19046.07
Interest to be added to that.

so what is the interest suppose to be around for the max put in in just a normal deposit account?