New State-backed savings scheme will only be taxed after certain threshold 

Finance minister and Tánaiste Simon Harris. Is expected to say that the overriding intention behind the new scheme is to help ensure people’s 'hard-earned money works harder for them over time'. File picture: Stephen Collins/Collins 

A new State-backed savings scheme will only charge tax on people’s savings when their balance surpasses a certain threshold, Tánaiste Simon Harris will say on Tuesday.

Mr Harris will convene the first Savings and Investment Forum today and is expected to tell stakeholders that people are leaving their “hard-earned savings in low-yield deposit accounts” when they should be putting them in a scheme which ensures their “money works harder for them over time”.