First-time buyers set for savings tax break

FINANCE Minister Charlie McCreevy is considering setting up tax-free bank accounts for first-time buyers saving for a deposit on a house.

Mr McCreevy has asked the Revenue Commissioners to examine the tax implications of the scheme and believes it could help people onto the first step of the property ladder.

The idea was first floated during the partnership talks by the president of the Irish Congress of Trade Unions, Joe O’Toole.