Is it too late to switch my SSIA?: I have just been reading that people who invested their SSIA with EBS are now reaping much better returns than those of us who took the safe bet by putting the money in the bank at a variable rate. Having checked with the Ulster Bank, with whom I invested, I have learned that my money is earning 1.75 per cent which appears to be very little.

Is it too late for me to change to the EBS? I did not open the SSIA until the latest date before it closed. Also, I would be prepared to let the money sit for a further period of time after the SSIA is redeemed.

Ms. S.M., e-mail

The rules of the Special Savings Incentive Account (SSIA) scheme specifically allow for people to switch from one product to another. The fact that you opened your account at the last minute doesn't come into it. Also, there is no question of having to leave your money tied up for any longer than the five-year period - at least as far as SSIA rules are concerned. Obviously, if you are talking about switching to an equity-based product, it would make sense to consider a longer timeframe but that is a personal choice.

Transferring from one variable rate deposit account to another is fairly straightforward and should cost you nothing. The EBS currently offers a variable rate of 2 per cent on deposits - nothing to write home about maybe but still notably ahead of the 1.75 per cent offered by your current SSIA provider.

Switching out of a fixed rate deposit account would be a little bit trickier and movements into and out of equity products can often incur charges. In fact, some institutions will not allow such changes, arguing that the design of their products cannot accommodate such moves.

However, the good news from your perspective is that EBS is among the most flexible of the SSIA providers in permitting switches both between its products and into its products.

Sarah Loftus, head of savings and investments, tells me that you can move either to the deposit or equity-based Summit Fund offering at no charge.

Once in, you will be able to move between its three Summit Fund offerings and also between the funds and the deposit account offering.

You can wait till maturity to decide whether you want to stay in the Summit Fund beyond that date and without the ongoing attraction of the Government contribution.

Gift tax

I want to put my fiancé's name on the deeds of my apartment. I understand that he may have to pay a gift tax! I would appreciate if you could let me know what this amount might be.

Ms T.M., e-mail

I think you are probably considering giving yourself more trouble than it is worth. There is, of course, nothing to stop you adding anyone's details to the deeds of your property but you could be putting yourself to unnecessary expense.

As it stands, your fiancé is, in Revenue terms, unrelated to you. As such, you are very restricted in gifts from one to the other. Certainly, adding his name to the deeds of the house would be seen as a gift, as he would effectively be seen as an equal owner of the property.

People can receive a gift or inheritance of €23,336 from people unrelated to them before they have to pay capital acquisitions tax (CAT, better known as gift or inheritance tax). It is important to remember that if your fiancé has already received gifts or inheritances from people who are not directly related to him, they too will be taken into account when assessing whether that €23,336 threshold has been reached. The tax is levied at a rate of 20 per cent.

Say your apartment is valued at around €250,000. Adding your fiancé's name to the deeds would be read by the Revenue as him receiving a gift of €125,000. Even assuming that he has received no other gifts or inheritances from people other than close relatives, he would be €101,664 over the threshold and therefore looking at a CAT bill of €20,332.80.

I am sure that, as an engaged couple, you could find plenty of better uses for that money than handing it over to the Revenue. What's the rush? Once you marry, you will be able to pass unlimited gifts between you without facing any tax bill.

Revenue inquiry

Regarding the Revenue inquiry, I hold insurance policies funded by single payments. I can account for the funds used in the purchase of these policies. Should I, at this stage, make a written submission?

Mr B.G., Dublin

You are one of a large group of people who hold products of this type but who have nothing to fear from the Revenue inquiry. The tax authorities are interested only in hot money and, in the same way that there were plenty of people who held perfectly validly non-resident accounts, the majority of single premium life policy holders will hold no interest for the people pursuing this inquiry.

There is no need to rush into a written submission. The only people for whom the clock is ticking are those who have used these policies to hide money on which they did not pay the appropriate tax.

Please send your queries to Dominic Coyle, Q&A, The Irish Times, D'Olier Street, Dublin 2 or e-mail to dcoyle@irish-times.ie. This column is a reader service and is not intended to replace professional advice. No personal correspondence will be entered into.