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Budget 2025
3rd October 2024
Last Updated: 1st October 2024
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
We will endeavour to update this with any major changes or announcements as we digest the budget this year.
Personal Taxation
• Minimum wage to increase on 1st January 2025 from €12.70 to €13.50
• Rent tax credit for private tenants not in receipt of other State housing supports: Increased from €750 to €1,000 per person (€2,000 for jointly assessed couple).
• USC rate decreased by 4% to 3% and changes to tax rates and cut-off – see our Summary Table at end of page.
Cost of Living Update & Supports
• 9% VAT rate on light and heat extended to end of April 2025
• No change to 13.5% VAT rate for hospitality sector
• Credit on domestic electricity total of €250 will be over 2 payments of €125 each – Nov/Dec 2024 & Jan/Feb 2025
• Mortgage interest credit extended to end of 2024, criteria all the same as applied in 2023, including using 2022 as the base year.
• Special one-off child benefit payment of €420 paid out following the birth of a newborn
• Power up grant will provide support to businesses in the retail and hospitality sectors, at a flat rate of €4,000.
Business Taxation & Regulation
• Existing BIK relief (€10,000 reduction in open market value) for all other vehicles extended until 2025
• Existing corporation tax relief for new start-up companies – can now take up to €1,000 Class S PRSI into account when calculating the annual cap in the relief.
• PRSI contribution rates are going up 0.1% from October 2025
• VAT registration thresholds increased from 1st January 2025; for supplies of goods €85,000 and supplies of services €42,500
• Weekly social protection payments will increase by €12
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• Farmers flat rate – increase from the current 4.8% to 5.1% from 1 January 2025
Stamp duty
• Stamp Duty rate applied where 10 or more houses are acquired in any 12-month period is being increased from 10% to 15% with immediate effect.
Capital Taxes
• An increase to the thresholds for gifts or inheritances will apply as follows:
- Category A Threshold to €400,000
- Category B Threshold to €40,000
- Category C Threshold to €20,000
(Local) Property Tax (LPT)
• No changes noted
Miscellaneous Provisions & Announcements
• €1 increase on pack of 20 cigarettes and other tobacco products
• Small benefit exemption (i.e. employee vouchers) – annual limit to increase to €1,500, and the number of benefits making up the €1,500 limit increased from 2 to 5.
Summary Statistics:
| Budget 2024 | Budget 2023 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €2,000 | €1,875 | |
| Married Couple | €4,000 | €3,750 | |
| PAYE Credit | €2,000 | €1,875 | |
| Home Carer Credit | €1,950 | €1,800 | |
| Earned Income Tax Credit | €2,000 | €1,875 | |
| Rate Bands | |||
| Single/widowed | €44,000 | €42,000 | |
| Single/widowed with dependent children | €48,000 | €46,000 | |
| Married -one income earner | €53,000 | €51,000 | |
| Married – two income earners | €88,000 | €84,000 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €27,382 | 2% | ||
| €12,013 – €25,760 | 2% | ||
| €27,383 – €70,044 | 3% | ||
| €25,761 – €70,044 | 4% | ||
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.0% |
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.
Budget 2024
10th October 2023
Last Updated: 10th October 2023
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
We will endeavour to update this with any major changes or announcements as we digest the budget this year.
Personal Taxation
• Minimum wage to increase on 1st January 2024 from €11.30 to €12.70
• Rent tax credit for private tenants not in receipt of other State housing supports: Increased from €500 to €750, and now includes students in “digs” (rent a room). Claims can be back-dated for the 2022 and 2023 tax years.
Energy Crisis Update & Supports
• 9% VAT rate on light and heat extended to end of October 2024
• Credit on domestic electricity of €450 that will be over 3 payments of €150 each with first one before Christmas, and the third credit in April 2024
• Business Supports: Increased Cost of Business Scheme designed to help small and medium sized businesses with rising costs (fund of €250m)
• Weekly social protection payments will increase by €12
• Social Welfare “Cost of Living Support”: An extra “double week” will be paid in January 2024 to all qualifying recipients
• €400 extra payment in December 2023 for those in receipt of Carer’s Support Grant, Disability Allowance, Blind Pension, Invalidity Pension and Domiciliary Care Allowance.
• Fuel Allowance: €300 lump sum payment will be made in last quarter of 2023
• College fees: Families with an income of less than €100,000 will have college fees for undergraduate students halved to €1,500 (note: 2023 fees reduction to €2,000 remains in place in all other cases).
• Excise for petrol, diesel and marked gas – Amounts deferred will come into effect in 2 installments next year – 1st April 2024 and 1st August 2024
• Mortgages interest relief (1 year): On principal private residence with mortgage between €80,000 – €500,000 at 31/12/2022, tax relief available on the increase on 2023 v 2022 (max relief €1,250 per property).
Business Taxation & Regulation
• Existing BIK rates for electric vehicles staying the same for 2024
• Existing BIK relief (€10,000 reduction in open market value) for all other vehicles extended until 2024
• PRSI contribution rates are going up 0.1% from October 2024
• VAT registration thresholds increased from 1st January 2024; for supplies of goods €80,000 and supplies of services €40,000, turnover that is below the threshold may opt to register with Revenue for VAT.
• Landlord relief for tax years 2024 to 2027, this is where you hold the property for the 4 years, if joint owned then the relief will be apportioned. Relief is that a portion of income will be tax free as follows: €3,000 in 2024, €4,000 in 2025 and €5,000 for years 2026 and 2027. Relief is at 20% and not your tax rate. Need to also ensure registered with RTB and LPT up to date and hold tax clearance certificate. If leave the market in the years above the relief is to be paid back.
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• Farmers flat rate – reduced from 5% to 4.8%.
Stamp duty
• No changes noted.
Climate Change
• 0% VAT rate for solar panels for schools
• Rate per tonne of carbon dioxide emitted for petrol and diesel will go up from €48.50 to €56.00
Capital Taxes
• No changes noted
(Local) Property Tax (LPT)
• No changes noted
Miscellaneous Provisions & Announcements
• €0.75 increase on pack of 20 cigarettes and other tobacco products
Summary Statistics:
| Budget 2024 | Budget 2023 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1,875 | €1,775 | |
| Married Couple | €3,750 | €3,550 | |
| PAYE Credit | €1,875 | €1,775 | |
| Home Carer Credit | €1,800 | €1,700 | |
| Earned Income Tax Credit | €1,875 | €1,775 | |
| Rate Bands | |||
| Single/widowed | €42,000 | €40,000 | |
| Single/widowed with dependent children | €46,000 | €44,000 | |
| Married -one income earner | €51,000 | €49,000 | |
| Married – two income earners | €84,000 | €80,000 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €22,920 | 2.0% | ||
| €12,013 – €25,760 | 2.0% | ||
| €22,921 – €70,044 | 4.50% | ||
| €25,761 – €70,044 | 4% | ||
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.0% |
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.
Budget 2023
27 September 2022
Last Updated: 27 September 2022
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
We will endeavour to update this with any major changes or announcements as we digest the budget this year.
Personal Taxation
• Minimum wage to increase on 1st January 2023 from €10.50 to €11.30 with PRSI and USC thresholds adjusted accordingly.
• New €500 rent tax credit for private tenants not in receipt of other State housing supports, to include for rent paid in 2022
• Vacant homes tax to be introduced in 2023 – if home is vacant for more than 30 days in 12 months, unless genuine reason will be 3 times the LPT for the home.
• 3rd rate of income tax likely to be implemented by Budget 2024
Energy Crisis Update & Supports
• Projection that there will be 4.5% inflation next year and that it is 8.5% inflation this year
• 9% VAT rate on light and heat extended to end of February 2023
• Credit on L&H for domestic of €600 that will be over 3 payments of €200 each with first one before Christmas
• Temporary Business Energy Support Scheme for energy costs over winter months – Managed by Revenue Commissioners – Need to register for scheme and return to be submitted. Will be self assessed with spot checks like the Covid Supports to send in back up. Operated by reviewing unit rate in 2022 versus same period last year (2021), if rate is greater than 50% then passed the test and support will be 40% of the increase. We await exact details of this and if you are client of ours we will be in touch with you on how it will all work and if you are entitled.
• A double Child Benefit payment (worth €140 per child) will be paid in November.
• Extra €500 for Working Family Payment and Carer Support Grant recipients in November.
• Weekly Fuel Allowance means limit for over 70s extended to €500 for single people, €1,000 for couples. Fuel allowance payment recipients to receive an extra lump sum of €400 before Christmas.
• College fees – once off reduction of €1,000
• Excise cuts for petrol, diesel and marked gas oil extended until end of February 2023
• Public transport fares reduction extended until the end of 2023
Business Taxation & Regulation
• Staff tax free voucher limit increased from €500 to €1,000, and can be given by up to 2 vouchers in one year and is said to be valid from 2022 tax year.
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• 0% VAT rate on newspapers from 1/01/2023
• Farmers flat rate reduced from 5.5% to 5.0%
Stamp duty
• No changes noted.
Climate Change
• Farmers reliefs pending EU review
• Accelerated capital allowances for farmers for modern slurry facilities
• EV Cars and supports, it is seen that these will continue as is but nothing mentioned just yet, we will update if we hear anything as the details come clearer from the budget.
Capital Taxes
• No changes noted
(Local) Property Tax (LPT)
• No changes noted
Miscellaneous Provisions & Announcements
• €0.50 increase on pack of 20 cigarettes and other tobacco products
• Once off double week to social welfare
• Fuel allowance €400 lump sum payment before Christmas
• Social welfare weekly rates increased by €12
• Free GP care for those aged 6 and 7 by the end of 2022
• Financial support for IVF treatment
Summary Statistics:
| Budget 2023 | Budget 2022 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1,775 | €1,700 | |
| Married Couple | €3,550 | €3,400 | |
| PAYE Credit | €1,775 | €1,700 | |
| Home Carer Credit | €1,700 | €1,600 | |
| Earned Income Tax Credit | €1,775 | €1,700 | |
| Rate Bands | |||
| Single/widowed | €40,000 | €36,800 | |
| Single/widowed with dependent children | €44,000 | €40,800 | |
| Married -one income earner | €49,000 | €45,800 | |
| Married – two income earners | €80,000 | €73,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €22,920 | 2.0% | ||
| €12,013 – €21,295 | 2.0% | ||
| €22,921 – €70,044 | 4.50% | ||
| €21,296 – €70,044 | 4.50% | ||
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.0% |
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.
Budget 2022
12 October 2021
Last Updated: 12 October 2021
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
We will endeavour to update this with any major changes or announcements as we digest the budget this year.
Personal Taxation (from 1st January 2022)
• Personal Tax, Employee & Earned Income Tax Credits all increase by €50 to €1,700, see table below.
• Standard Rate cut off increase of €1,500 for all earners, see table below.
• USC Bands have also changed in the 2% band to account for increase in minimum wage from 1st January 2022, see table below.
• Work from home allowance now giving 30% relief on light & heat (previously 10%) and broadband costs still allowed at 30%, vouched expenses.
• Minimum wage to increase from €10.20 to €10.50 with PRSI and USC thresholds adjusted accordingly.
• Employers PRSI threshold for higher rate increase from €398 to €410.
Covid Supports
• Employment Wage Subsidy Scheme (EWSS) extended until 30 April 2022, with rates to lower to €151.50 and €203 caps only. A flat rate of €100 per eligible employee will apply for March and April 2022, with no employer PRSI relief.
• Commercial rates waiver extended until end of 2021.
• Directors’ income tax returns with liabilities relating to directors’ remuneration – liabilities can be warehoused.
• PUP payment is to remain in place until end of Feb 2022
Business Taxation & Regulation
• Relief for start-up companies to be extended for five years.
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• Farmers flat rate addition decreased from 5.6% to 5.5%.
• Reduced VAT rate of 9% for hospitality will remain in place until end of August 2022
Stamp duty
• No changes noted.
Carbon Tax
• Increase of €7.50 per tonne applies from today for auto fuels and from 1 May 2022 for all other fuels. Petrol will increase by €1.28 for 60 litres, and diesel by €1.48
Capital Taxes
• No changes noted
(Local) Property Tax (LPT)
• REMINDER TO FILE: While there were no changes announced in the budget, we like to remind you that your return for the years 2022 – 2025 is due to be submitted to Revenue by 7th November 2021. While we do not take responsibility for submitting this return as the tax payer is best placed to value their property, if you are experiencing difficulty using the LPT system please feel free to contact us.
Miscellaneous Provisions & Announcements
• Tobacco increase of 50c on pack of 20
• New Youth Travel Card will provide 50% discount on fares for those aged 18 – 23
• €5 weekly increase in main welfare payments
• DPS (Drugs payment scheme) threshold decreased to €100 per month.
• Carer’s allowance weekly earnings limit increased to €350 (single person) and €750 (couples).
• Parent’s Benefit extended by 2 weeks to 7 weeks from July 2022
• Free GP care extended to children aged six and seven years
• Help to Buy scheme is been extended in its current “enhanced” form for 2022, this is to allow other measures to be put in place e.g. Shared Equity Scheme over the next year or so.
Climate & Environmental Measures – (Electric Vehicles)
• €200 tax disregard for those who can sell electricity back to the grid
• VRT Tax, from January 2022 a revised vehicle registration tax table is being introduced. The 20 band table will
remain with an uplift in rates beginning with a 1% increase for vehicles that fall between bands 9-12;
2% for bands 13-15; and then a 4% increase for bands 16-20 .
• The €5,000 relief for Battery Electric vehicles is being extended to end 2023.
• The BIK exemption for battery electric vehicles will be extended out to 2025 with a tapering effect on the vehicle value. This measure will take effect from 2023. For BIK purposes, the original market value of an electric vehicle will be reduced by €35,000 for 2023; €20,000 for 2024; and €10,000 for 2025.
Summary Statistics:
| Budget 2022 | Budget 2021 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1,700 | €1,650 | |
| Married Couple | €3,400 | €3,300 | |
| PAYE Credit | €1,700 | €1,650 | |
| Home Carer Credit | €1,600 | €1,600 | |
| Earned Income Tax Credit | €1,700 | €1,650 | |
| Rate Bands | |||
| Single/widowed | €36,800 | €35,300 | |
| Awaiting update | Single/widowed with dependent children | €39,300 | €39,300 |
| Married -one income earner | €45,800 | €44,300 | |
| Married – two income earners | €73,600 | €70,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €20,687 | 2.0% | ||
| €12,013 – €21,295 | 2.0% | ||
| €20,687 – €70,044 | 4.50% | ||
| €21,296 – €70,044 | 4.50% | ||
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.0% |
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.
Budget 2020
8 October 2019
Last Updated: 8 October 2019
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation (from 1st January 2020)
• REMINDER: The proposal to increase the minimum wage to €10.10 per hour from January 2020 is only being brought to Cabinet this week, and does not form part of the Budget day announcement.
•Dividend Withholding Tax (DWT) to increase from 20% to 25% from 1st January 2020. DWT is considered a payment on account with Revenue, where the 25% tax rate is now a more accurate average amount due when USC etc. is considered.
Brexit
• €1.2 billion package announced to respond to Brexit. Key areas: Agriculture, Enterprise, Tourism, Social Protection.
• Rainy Day Fund of €1.5bn created due to likelihood of a no deal Brexit.
Business Taxation & Regulation
• Earned income tax credit increased by €150
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• No changes noted
Stamp duty
• Non-residential property stamp duty rate increased from 6% to 7.5%. Transitional arrangements where the instruments are executed before 1 January 2020 where a binding contract existed prior to 8th October 2019.
Carbon Tax
• Increase in rate by €6 to €26 per tonne. Household fuels will not be affected until next May.
Capital Taxes
• Increase in the Group A inheritance tax threshold from €320,000 to €325,000
(Local) Property Tax (LPT)
• No changes noted
Miscellaneous Provisions & Announcements
• Excise duty on cigarettes increased by 50c on a pack of 20 cigarettes with a pro-rate increase on other tobacco products
•Monthly threshold for the Drugs Payment Scheme reduced by €10 per month.
• Medical card income threshold increased.
• Free GP care for children under eight, and free dental care for children under six.
• Additional €80m for the Housing Assistance Payment scheme.
• 100% Christmas Bonus in 2019.
• Limited increases in weekly social welfare payments: One Parent Family Payment + €15, Qualified Child Payment +€3 for children over 12, and +€2 for children under 12.
Summary Statistics
| Budget 2020 | Budget 2019 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1.650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Home Carer Credit | €1,600 | €1,500 | |
| Earned Income Tax Credit | €1,500 | €1,350 | |
| Rate Bands | |||
| Single/widowed | €35,300 | €35,300 | |
| Single/widowed with dependent children | €39,300 | €39,300 | |
| Married -one income earner | €44,300 | €44,300 | |
| Married – two income earners | €70,600 | €70,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €19,874 | 2.0% | 2.0% | |
| €19,874 – €70,044 | 4.50% | 4.50% | |
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.0% |
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.
Related Articles
Budget 2019
Budget 2018
Budget 2017
Budget 2016
Budget 2015
Budget 2014
Budget 2013
Budget 2019
9 October 2018
Last Updated: 9 October 2018
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation (from 1st January 2019)
• Home carer tax credit increased from €1,200 to €1,500
• PRSI higher rate threshold increased from €376 to €386 per week
• REMINDER: The government had previously announced an increase in the minimum wage to €9.80 per hour from January 2019
Business Taxation & Regulation
• Earned income tax credit increased from €1,150 to €1,350
• Residential property loan interest deduction for landlords increased to 100% from 1st January 2019
• Corporation tax start-up relief (3 year tax exemption for new ventures) extended until the end of 2021
• Employer’s PRSI rate increase 0.1% in 2019, and expected to increase again in 2020 by 0.1%
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• VAT on tourism activities & hairdressing increased from 9% to 13.5% from 1st January 2019. Newspapers and sports facilities will retain the 9% rate.
• VAT on e-books and electronically supplied newspapers reduced from 23% to 9% from 1st January 2019.
Stamp duty
• Extension of Young Trained Farmers stamp duty relief extended until 31st December 2021
Capital Taxes
• Increase in the Group A Threshold from €310,000 to €320,000 for gifts/inheritances received on or after 10th October 2018.
(Local) Property Tax (LPT)
• Review Group’s report will be published in due course. Any future changes in LPT will be moderate and affordable.
Miscellaneous Provisions & Announcements
• Excise duty on cigarettes increased by 50c from 9th October 2018
• Betting duty increased from 1% to 2%
• Extension of 0% BIK rate for electric vehicles for 3 years, and extension of VRT relief on hybrid vehicles until the end of 2019
• €5 increase in all social welfare weekly payments from next March, and full Christmas bonus this year
• 50c reduction in prescription charges for all medical card holders over the age of 70
• DPS Scheme threshold decreased from €134 to €124
Summary Statistics
| Budget 2019 | Budget 2018 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1.650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Earned Income Tax Credit | €1,350 | €1,150 | |
| Rate Bands | |||
| Single/widowed | €35,300 | €34,550 | |
| Single/widowed with dependent children | €39,300 | €38,550 | |
| Married -one income earner | €44,300 | €43,550 | |
| Married – two income earners | €70,600 | €69,100 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 0.5% | |
| €12,013 – €19,874 | 2.0% | ||
| €12,013 – €19,372 | 2.0% | ||
| €19,874 – €70,044 | 4.50% | ||
| €19,373 – €70,044 | 4.75% | ||
| €70,044 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.5% |
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.
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10 October 2017
Last Updated: 10 October 2017
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation
• Home carer credit increased from €1,100 to €1,200
• Benefit in Kind (BIK) on Electric Vehicles to be set to 0% for a period of 1 year, along with 0% BIK on electricity used in the workplace for charging vehicles.
• Pre-letting expenses incurred of up to €5,000 allowed as revenue expense for tax relief against rental income for properties vacant for 12 months or more.
•Plan to amalgamate USC and PRSI over the medium term
• REMINDER: The government had previously announced an increase in the minimum wage to €9.55 per hour from January 2018
Business Taxation & Regulation
• Earned Income Credit increased from €950 to €1,150
Relevant Contracts Tax and Construction Industry
• No changes noted
Indirect Taxes
• VAT refund scheme for Charities, to compensate for VAT incurred on inputs. Scheme to refund expenses incurred in 2018 in the next tax year
• Tourism rate of 9% to be retained
Stamp duty
• Rate of duty on non-residential property increased from 2% to 6%
Capital Taxes
• Qualifying assets under the ‘7 year CGT relief’ scheme can now be sold between the fourth and seventh anniversaries of acquisition and still enjoy full CGT relief on any chargeable gains.
(Local) Property Tax
• No changes noted
Miscellaneous Provisions & Announcements
• Excise duty on cigarettes increased by 50c
•Sugar tax to be introduced on 1 April 2018
• Tapered residential mortgage interest relief (‘tax relief at source’) for home owners who took out qualifying mortgages between 2004 – 2012 over 3 years (2018: 75% of 2017 relief, 2018: 50% relief, 2019: 25% relief)
•Enhanced Revenue budget for PAYE Compliance interventions, in preparation for the PAYE Modernisation from 1 January 2019
• Brexit loan scheme to assist SMEs
| Budget 2018 | Budget 2017 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 39% (39% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1.650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Earned Income Tax Credit | €1,150 | €950 | |
| Rate Bands | |||
| Single/widowed | €34,550 | €33,800 | |
| Single/widowed with dependent children | €38,550 TBC | €37,800 | |
| Married -one income earner | €43,550 | €42,800 | |
| Married – two income earners | €69,100 | €67,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% [No change] | 0.5% | |
| €12,013 – €18,772 | 2.5% | ||
| €12,013 – €19,372 | 2.0% | ||
| €18,773 – €70,044 | 5% | ||
| €19,373 – €70,044 | 4.75% | ||
| €70,045 – €100,000 | 8% [No change] | 8% | |
| Self employed income > €100,000 | 11% [No change] | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.0% | 2.5% |
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.
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11 October 2016
Last Updated: 11 October 2016
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation
• Increase in the home carer tax credit from €1,000 to €1,100
• Rent a room relief increased from €12,000 to €14,000
• Mortgage interest relief extended to 2020
Business Taxation & Regulation
• Earned Income Credit increased from €550 to €950
• Allowable interest deduction for rental of residential property increased from 75% to 80%.
Relevant Contracts Tax and Construction Industry
• The Home Renovation Incentive (HRI) Scheme is being extended until 31 December 2018.
Indirect Taxes
• The 9% VAT rate is being retained.
• Farmer’s flat rate addition increased from 5.2% to 5.4%
Carbon Tax
• Fuel inputs to create high efficiency electricity now exempt from carbon tax.
Capital Taxes
• Capital Acquisitions Tax: Tax free threshold which applies primarily to gifts and inheritances from parents to their children is being increased from €280,000 to €310,000.
(Local) Property Tax
• No changes noted
Miscellaneous Provisions & Announcements
• Excise duty increase on tobacco 50c per 20 pack.
• Income tax rebate to assist first time buyers fund 20% deposit required by the Central Bank.
• The DIRT rate will be decreased by 2% each year for the four years until it reaches 33%.
• State pension will rise by €5 per week from March 2017, along with other weekly social welfare payments
• Excise duty on alcohol, petrol and diesel remains unchanged
• Sugar tax to be introduced in April 2018
| Budget 2017 | Budget 2016 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 39% (39% – where payments made less frequently than annually) | 41% (41% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1.650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Earned Income Tax Credit | €950 | €550 | |
| Rate Bands | |||
| Single/widowed | €33,800 | €33,800 | |
| Single/widowed with dependent children | €37,800 | €37,800 | |
| Married -one income earner | €42,800 | €42,800 | |
| Married – two income earners | €67,600 | €67,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | Exempt | |
| € 0 – €12,012 | 0.5% | 1% | |
| €12,013 – €18,772 | 2.5% | ||
| €12,013 – €18,668 | 3% | ||
| €18,773 – €70,044 | 5% | ||
| €18,669 – €70,044 | 5.5% | ||
| €70,045 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 2.5% | 3% |
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.
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13 October 2015
Last Updated (bold type): 13 October 2015
Please note that implementation dates for announced changes have been indicated below where available. Not all changes take immediate effect.
Personal Taxation
• Increase in home carer tax credit to €1,000, with an increase in the income limit to €7,200.
• PRSI relief for income in excess of €352 weekly, up to weekly income of €424. Reducing sliding scale of relief as income increases above €352, with maximum relief of €12.
Business Taxation & Regulation
• Earned Income credit of €550 for self-employed traders and professionals, along with directors who are not entitled to the PAYE tax credit.
• From 1st January 2016, the statutory minimum wages will be €9.15 per hour
• Increase in the threshold for paying higher rate employer’s PRSI from €356.01 to €376.01.
• 3 Year Relief for Start-Up Companies is being extended
• Supporting retailers by incentivising electronic payments (see Stamp Duty below)
• Maximum rate of commercial motor tax reduced from €5,195 to €900
Relevant Contracts Tax and Construction Industry
• The Home Renovation Incentive (HRI) Scheme is being extended until 31 December 2016.
Indirect Taxes
• The 9% VAT rate has been retained.
Stamp duty
• With effect from 1st January 2016, the current €2.50/€5.00 per annum charge on ATM cards/combined ATM & Debit Cards is being replaced with a 12c ATM withdrawal fee, but capped at €2.50/€5.00 per annum per card
Carbon Tax
• No changes to note.
Capital Taxes
• Capital Acquisition Tax: Tax free threshold which applies primarily to gifts and inheritances from parents to their children is being increased from €225,000 to €280,000
(Local) Property Tax
• 2016 property revaluations postponed until 2019
Miscellaneous Provisions & Announcements
• Increased duty on a packet of 20 cigarettes 50 cent, with a pro-rata increase in all other tobacco products.
• Paternity benefit scheme to be introduced from September 2016
• €5 increase in child benefit
• Extension of free Pre-School Year from age 3 until aged 5.5 years/start primary school
• Extension of free GP care to children under 12 years
• €3 weekly increase in pension rates
• Respite care grant €1,700 in 2016
• Social welfare Christmas bonus increased to 75%
• Pension fund levy to end in 2015
| Budget 2016 | Budget 2015 | ||
| Capital Gains Tax Rate | 33% | 33% | |
| Capital Acquisitions Tax Rate | 33% | 33% | |
| Income Tax Rates | |||
| Lower | 20% | 20% | |
| Higher | 40% | 40% | |
| DIRT Tax | |||
| 41% (41% – where payments made less frequently than annually) | 41% (41% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1.650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Earned Income Tax Credit | €550 | €0 | |
| Rate Bands | |||
| Single/widowed | €33,800 | €33,800 | |
| Single/widowed with dependent children | €37,800 | €37,800 | |
| Married -one income earner | €42,800 | €42,800 | |
| Married – two income earners | €67,600 | €67,600 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €13,000 | Exempt | ||
| < €12,012 | Exempt | ||
| € 0 – €12,012 | 1% | 1.5% | |
| €12,013 – €18,668 | 3% | ||
| €12,013 – €17,576 | 3.5% | ||
| €18,669 – €70,044 | 5.5% | ||
| €17,577 – €70,044 | 7% | ||
| €70,045 – €100,000 | 8% | 8% | |
| Self employed income > €100,000 | 11% | 11% | |
| PAYE income in excess of €100,000 | 8% | 8% | |
| Age >70/medical card holders with income < €60,000 – Max rate | 3% | 3.5% |
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.
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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.
Personal Taxation
• 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.
Business Taxation
• Corporation tax 3 year exemption extended to new businesses starting in 2015.
• 12.5% corporation tax rate being retained.
Relevant Contracts Tax and Construction Industry
• Home Renovation Scheme extended to rental properties where the landlord is subject to income tax.
Indirect Taxes
• Increase in Farmers’ Flat-Rate Addition from 5% to 5.2% from 1 January 2015.
• 9% VAT rate being retained.
Stamp duty
• No changes to note.
Carbon Tax
• No changes to note.
Capital Taxes
• Property purchases incentive (no capital gains tax if purchased property by 31st December 2014 and held for seven years) is not being extended.
(Local) Property Tax
• 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 | |||
| Lower | 20% | 20% | |
| Higher | 40% | 41% | |
| DIRT Tax | |||
| 41% (41% – where payments made less frequently than annually) | 41% (41% – where payments made less frequently than annually) | ||
| Tax Credits | |||
| Single Person | €1,650 | €1,650 | |
| Married Couple | €3,300 | €3,300 | |
| PAYE Credit | €1,650 | €1,650 | |
| Rate Bands | |||
| Single/widowed | €33,800 | €32,800 | |
| 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 | |
| PRSI | |||
| Contribution Ceiling | No limit | No limit | |
| Universal Social Charge | |||
| < €12,012 | Exempt | ||
| < €10,036 | Exempt | ||
| € 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% | ||
| >€16,016 | 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.
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