SSIA holders could lose up to €5,000

HOLDERS of Special Savings Incentive Accounts (SSIAs) could lose up to €5,000 at the end of the scheme if they fail to meet new guidelines from the Revenue Commissioners.

Some SSIA holders will have just 24 hours after their accounts mature to act and avoid a 23% tax on the full amount of their savings.

Revenue said last week that savers would need to complete a declaration when they make their last SSIA payment. Account holders who failed to fill in the form on time and confirm they had complied with scheme rules would automatically lose 23% of their savings, effectively wiping out the €1 government bonus for every €4 saved.