How Ireland’s proposed PIA tax uses daily account values

PIA Centre · Checked 7 November 2026 against the Bill as introduced on 19 October. Final rules and provider terms may change.

Two accounts can both finish the year at €60,000 and owe different amounts under the October Finance Bill. The proposed calculation uses the average closing value on the days the account was open. Cash in the account counts alongside investments.

Same closing balance, different tax

Assume two established accounts are open throughout a 365-day year. Their daily values below include cash and investments. The changes represent market movements. Both examples exclude excess contributions, provider fees and transfers.

Daily closing values	Average value	Proposed annual tax
€60,000 on all 365 days	€60,000.00	€100.00
€48,000 for 300 days, then €60,000 for 65 days	€50,136.99	€1.37

For the second account, multiply each balance by its number of days, add the two figures and divide by 365. The result exceeds €50,000 by €136.99. One per cent of that excess is about €1.37. Applying the rate to the December balance alone would give €100.

What if the account opens during the year?

Use the days the account was open. Under the Bill as introduced, the denominator is the number of relevant days. Adding zero balances for the months before opening would artificially lower the average. For example, an account worth €10,000 on each of its first 60 open days averages €10,000 and falls below the threshold.

How to read a projection

A projection has to estimate future balances. A provider calculating an actual charge would have daily records. Use the PIA calculator to explore contributions and returns. If you have a provider statement, look for the period covered, the average valuation and the separate lines for tax and fees.

Source: Finance (No. 2) Bill 2026 as introduced, section 26, proposed sections 747H and 747Q.