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Newly-qualified doctors would be expected to agree to spend set period working in State under proposal
Newly-qualified doctors would be expected to agree to spend set period working in State under proposal put to SBCI by Minister for Finance Simon Harris Simon Harris asked the SBCI to consider facilitating “accessible funding” for medical students, “coupled with a commitment to serve within the HSE for a defined period following qualification”.
Photograph: iStockThe State-backed lender has been tasked with examining the cost and possible demand for a loan for medicine students, which would only be offered to doctors who agree to spend a set period working for theHarris wrote to SBCI chief executive Colin Moran last week to formally ask the institution for its views following a meeting where both options were proposed.has previously said he wanted to try to encourage graduate doctors to stay working in Ireland by creating an “incentive” through such a loan. There were previously commercial loans available for medical students, but these are no longer being offered by Irish banks.
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In the same letter, Harris asked the SBCI about establishing the electric vehicle scheme. He said he wanted to know how “operational” such a loan scheme would be, considering other private financing options and existing State supports available to those hoping to switch to electric cars. He added that if either loan scheme was to be set up, the relevant Government departments responsible for them would have to secure enough funding to support the measures.
Meanwhile, the details of a new State savings and investment scheme are due to be announced in Monday. On Sunday, Harris said deemed disposal tax will not apply to the scheme and indicated that the Government was considering the future of this tax more broadly. DDT is charged on collective investments such as exchange-traded funds every eight years. It means the investments are treated as if they have been sold, even when no sale has taken place.
In 2024, a government report on the funds sector recommended ending the DDT rule. In Budget 2026, the rate was cut from 41 per cent to 38 per cent. Earlier this year, Harris told the Dáil he was “not convinced” that DDT was fit for purpose and he believed it was “outdated”. He said wanted to see an “overhaul” as “the world has evolved and policy has not caught up”.
In social media posts on Sunday , Harris also confirmed a number of other details regarding the savings and investment scheme, which was first flagged in March and is expected to open next year. Those who invest in the scheme will enjoy a tax-free threshold and any investments above that will be subject to an annual “low flat rate tax”. Investors will not be required to make a minimum annual contribution, but there will be a set annual maximum.
“The tax-free threshold, the flat rate, and the annual contribution limits will be unveiled on October 6th, on budget day,” Harris said. One account per person will be available to Irish tax residents aged 18 and above. The account is expected to place a low administrative burden on those who apply, with the Department of Finance keen to simplify the process to attract first-time investors.
Key decisions on new state savings scheme deferred until Budget 2027Plan to set 13 as EU-wide minimum age for social media access to be discussedIrishman in Birmingham: The English often seem less interested in us than we are in themA Wicklow woman in Marbella: ‘I would make friends in the summer and they would then go home. But I found my tribe’ Farmer Phil: ‘The story goes that a tree in our field was planted by Cromwell’s grandchildren 350, 400 years ago’Our politics team's behind-the-scenes take on events of the day. Sent Monday to Friday when the Dáil is in session
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