14 October 2014
Last Updated (bold type): 15 October 2014
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Items marked TBC (To Be Confirmed) are attaching/related to taxation elements which were amended in Budget 2015. We await further details to confirm what changes, if any, apply to these related items.
• Artists’ Exemption increased by €10,000 to €50,000.
• Rent-A-Room Relief threshold increased to €12,000.
• Water charges tax credit of 20%, up to a maximum water charge of €500. Credit available in following year.
• No changes to note.
Miscellaneous Provisions & Announcements
• Extension of VRT relief on hybrid electric vehicles to 31 December 2016.
• Child benefit increased by €5 per child from 1 January 2015.
• Price of 20 pack cigarettes to increase by 40c from midnight (Other tobacco products pro-rata increase).
• 25% of Social Welfare Christmas Bonus restored.
• DIRT exemption on deposit funds for first time buyers, for private dwellings purchased from Budget night until 2017.
• No change in excise duty on old reliables – petrol/diesel, motor tax, VRT alcohol.
|Budget 2015||Budget 2014|
|Capital Gains Tax Rate||33%||33%|
|Capital Acquisitions Tax Rate||33%||33%|
|Income Tax Rates|
|41% (41% – where payments made less frequently than annually)||41% (41% – where payments made less frequently than annually)|
|Single/widowed with dependent children||€36,800 TBC||€36,800|
|Married -one income earner||€42,800||€41,800|
|Married – two income earners||€67,600||€65,600|
|Contribution Ceiling||No limit||No limit|
|Universal Social Charge|
|€ 0 – €12,012||1.5%|
|€ 0 – €10,036||2%|
|€12,013 – €17,576||3.5%|
|€10,037 – €16,016||4%|
|€17,577 – €70,044||7%|
|€70,044 – €100,000||8%|
|Self-employed > €100,000||11%||10%|
|Age >70/medical card holders with income < €60,000 – Max rate||3.5%||4%|
|Age >70, income > €100,000 – Max rate||TBC||7%|
Whilst every care has been taken in the production of this budget summary, neither Royal Canal Financial Control Services nor Ronan Duffy and Co. can be held responsible for any action taken or deferred, resulting from any errors contained therein. For a more comprehensive summary please refer to the government press release.