person holding pen

Budget 2018

10 October 2017

This year’s Budget, like most Budget’s nowadays, was well documented in advance. While it was expected that there would be some relief with respect of Income tax and USC, this was going to have to be paid for elsewhere as the net funds at the Government’s disposal are not that overwhelming.

As with last year’s Budget, ‘Brexit’ remains the fundamental unknown and the Government was always going to be prudent regarding its ‘giveaways’. Overall though it is following with the Government’s plan to stabilise the tax base and increase expenditure on capital projects.

Positive news is that employment has risen for 19 consecutive quarters and unemployment is at the lowest level since 2008 and is heading towards ‘full employment’.

There will be €830m raised in tax revenues with €300m in tax reductions in this Budget.

A ‘Brexit Loan Scheme’ funded by €300m to be introduced that is available to SME’s with an exposure to UK trade to fund working capital at competitive interest rates.

In terms of a timetable, it is expected that the Finance Bill will be published on Thursday 19 October 2017 and for it to pass through the Houses of the Oireachtas by mid-December.

As announced in Budget 2017 [last year] there will be an introduction of a ‘Sugar Tax’ in April 2018.

For the third year in a row the only tax increase announced in the budget was the increasing of a packet of 20 cigarettes by 50c.

This summary will focus primarily on the Taxation measures with a brief outline of the Public Expenditure measures presented by Minister Donohoe.

Summary of measures

The main features of Budget 2018 as they will affect you in business and in your personal life are as follows;

  • Standard Rate Cut-Off Point increases by €750
  • Entry point to USC to remain unchanged as does the lowest rate
  • USC rates change from 2.5% to 2% and 5% to 4.75%. Entry point to 4.75% USC rate raised from €18,772 to €19,372
  • Stamp Duty to rise to 6% from 2% on commercial property from 11 October 2017
  • Changes made to Vacant Site Levy, increase from 3% to 7% for 2nd and subsequent years
  • Pre-letting expenses to be allowed in order to bring houses into rental market
  • Mortgage interest relief to end in 2020, tapering down until then
  • No change to the 12.5% Corporation tax rate
  • Earned Income credit up €200 to €1,150 for self-employed
  • Home Carer tax credit up €100 to €1,200
  • There is to be no change in the VAT rates, which includes the keeping of the 9% rate for the tourism / hospitality sector [change in VAT rate for sunbeds]
  • Tax on sugar, sweets and drinks to be introduced in line with UK in April 2018 - 30c per litre on drinks with 8g of sugar per 100ml
  • Price of 20 cigarettes to increase by 50c from 11 October 2017
  • No increase in excise duty on alcohol
  • No increase in excise duty on petrol or diesel
  • Pension tax relief to remain at the marginal rate of tax
  • 85% social welfare Christmas bonus in 2017 [same as 2016]
  • 50c reduction in subscription charges
  • All Social Welfare (including State pensions) to increase by €5 per week from March 2018

Income Tax & Levies

There have been no changes to the rates of income tax. The point at which a person enters the higher tax rate has increased by €750 from €33,800 to €34,550, creating a potential tax saving of €150.

Entry point to USC remains at €13,000. The 2.5% rate of USC has been reduced by 0.5% to 2%. The 5% rate of USC has been reduced by 0.25% to 4.75%. The entry level to the 4.75% rate of USC has been increased to €19,372 in order to take full-time workers on the minimum wage out of the top rate of USC [Table 4, page 8].

A working group is to be established with a view to coming up with a plan to amalgamate USC and PRSI over the medium term.

The Earned Income Credit has been increased by €200 to €1,150. This credit is available to taxpayers earning self-employed trading or professional income and to business owners / managers who are ineligible for a PAYE credit on their salary income.

The Home Carer Credit is being increased by €100 from €1,100 to €1,200.

0% rate on BIK on electric vehicles for 2018 with a review thereafter.

Rental Income

The allowing of pre-letting expenses on properties vacant for over 12 months to enable to bring these properties into the rental market with a cap of €5k per property to be allowed with a clawback if property withdrawn from rental market within 4 years.

VAT

The 9% rate applicable to certain service industries (tourism / hospitality etc) will continue in 2018. Last year it was stated that the need for such a rate was less important today than it was when it was introduced. I would therefore expect this to change in the coming years. The fall in the value of Sterling is the main reason that I suspect that it has remained in this budget.

The VAT rate for the use of sunbeds has increased from 13.5% to 23% as a policy introduced to acknowledge the Cancer risks sunbeds present.

VAT reclaim scheme to be introduced for Charities in 2019 for VAT incurred in 2018 on a pro-rata basis on non-State income to total income.

Capital Gains Tax (CGT)

No changes were announced with regard to CGT rates.

The 7-year period for owners to enjoy full CGT relief has been reduced to 4 years which allows owners to sell between years 4 and 7 and obtain relief.

Capital Acquisitions Tax (CAT)

No changes were announced with regard to CAT rates or thresholds and no major changes to reliefs.

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

The accelerated capital allowance scheme introduced to incentivise companies to invest in energy efficient equipment is to continue to 2020.

Stamp Duty

Stamp Duty on commercial property to increase from 2% to 6% from 11 October 2017. [Peak rate in 2008 was 9%].

Consanguinity relief is being retained, as is Young Trained Farmer Relief.

Mortgage Interest Relief

Mortgage interest relief will end in 2020 and will taper down as follows;

  • 75% of existing relief will continue in 2018
  • 50% of existing relief will continue in 2019
  • 25% of existing relief will continue in 2020

Customs, Excise & Sugar Tax

Excise duty on a packet of 20 cigarettes [and pro-rata on other tobacco products] is being increased by 50c with effect from 11 October 2017.

There will be no change on Excise duty on alcohol, petrol or diesel.

The Sugar tax announced in last year’s budget will come into effect in April 2018 at the same time as the UK, subject to State Aid approval measures. This will be as follows;

  • 30c per litre on drinks with over 8g of sugar per 100ml
  • 20c per litre on drinks with between 5g and 8g of sugar per 100ml

Pensions

Tax relief at the marginal rate is to remain on pension contributions.

Brief outline on the Public Expenditure measures

Housing was given a priority in this budget with an allocation of €1.83b. 16.6% of budget expenditure allocated to Education in an attempt to reduce teacher pupil ratios to 26:1.

  • Social Welfare payments – All payments to increase by €5 per week from last week in March 2018
  • Social Welfare bonus – 85% Christmas bonus will be paid to social welfare recipients in 2017 [no change from 2016]
  • Subscription charges – Reduced from €2.50 to €2
  • Drugs Payment Scheme – Threshold reduced from €144pm to €134pm
  • Telephone allowance – €2.50 increase
There was a detailed public expenditure programme announced and the above is the top issues that will face the majority of people.

11 October 2016

This year’s Budget was well documented in advance as being one for this Government to give back to the people in terms of tax reductions and to implement a positive capital expenditure plan. The referendum result in the UK with regard to ‘Brexit’ has hindered this budget somewhat, but overall it is following with the Government’s plan to stabilise the tax base and increase expenditure on capital projects.

On the taxation side, it is a relatively quiet budget with the main aim of the budget attempting to address area’s such as housing, homelessness, education and health. This Budget has been apportioned approximately 2:1 between public expenditure and taxation benefits.

It was announced that the Government will set aside a ‘rainy day fund’ and provide up to €1bn per year to this fund for the Government of the day to use once the budget is in surplus in 2018.

For the second year in a row the only tax increase announced in the budget was the increasing of a packet of 20 cigarettes by 50c.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure measures announced by Minister Donohoe.

The main features of Budget 2017 as they will affect you in business and in your personal life are as follows;

  • USC rates change from 1% to 0.5%, 3.5% to 2.5% and 5.5% to 5%. No change in 8% rate on incomes over €70,044
  • Entry point to 5% USC rate raised from €18,668 to €18,772
  • No change to the 12.5% Corporation tax rate
  • The 3-year tax relief for start-up companies is being extended for another 2 years
  • Flat rate addition rate for unregistered farmers to increase from 5.2% to 5.4%
  • Income averaging ‘step out’ in year of low income
  • Earned Income credit up €400 to €950 for self-employed
  • Home Carer tax credit increased to €1,100 from €1,000
  • Capital Acquisitions Tax Group A tax free threshold increased from €280,000 to €310,000. Group B & C thresholds increased by 8%
  • There is to be no change in the VAT rates, which includes the keeping of the 9% rate for the tourism / hospitality sector
  • Tax free income from ‘Rent a room relief scheme’ to be increased to €14,000 per annum
  • ‘Help to buy’ scheme announced for first time buyers
  • Tax on sugar, sweets and drinks to be introduced in line with UK in April 2018
  • Price of 20 cigarettes to increase by 50c from 12 October 2016
  • ‘Home Renovation Tax Inventive Scheme’ is being extended to 31 December 2018
  • Farm succession plan to be extended to 2019
  • No increase in excise duty on alcohol
  • No increase in excise duty on petrol or diesel
  • CGT relief for entrepreneurs’ rate reduced from 20% to 10%
  • No changes in CGT or CAT rates (other than the entrepreneur rate above)
  • Pension tax relief to remain at the marginal rate of tax
  • 85% social welfare Christmas bonus in 2016
  • All Social Welfare (including State pensions) to increase by €5 per week from March 2017
  • Childcare schemes to be introduced from September 2017

Income Tax & Levies

There have been no changes to the rates or thresholds of income tax.

The 3 lower rates of USC have all been reduced by 0.5% each. The entry level to the 5% rate of USC has been increased to €18,772 in order to take full-time workers on the minimum wage out of the top rate of USC.

The Earned Income Credit has been increased by €400 to €950. This credit is available to taxpayers earning self-employed trading or professional income and to business owners / managers who are ineligible for a PAYE credit on their salary income.

The deduction available for qualifying interest payments on loans used to purchase, improve or repair residential property is being increased from 75% to 80%. It was indicated that this will increase by 5% each year until it has been restored to 100%.

The Home Carer Credit is being increased by €100 from €1,000 to €1,100.

The tax free exemption threshold for ‘Rent a room relief’ is being increased from €12,000 to €14,000 per annum.

The Foreign Earnings Deduction (FED) is being extended to 31 December 2020 with the minimum amount of days required to qualify reduced to 30 days from 40 days.

VAT

The 9% rate applicable to certain service industries (tourism / hospitality etc) will continue in 2017. The minister did however state that the need for such a rate was less important today than it was when it was introduced. I would therefore expect this to change in the coming years. The fall in the value of Sterling is the main reason that I suspect that it has remained in this budget.

The flat rate addition for un-registered farmers is being increased from 5.2% to 5.4%.

No further changes to VAT.

Home Renovation Incentive (HRI)

This scheme which provides a tax credit to homeowners who carry out renovation and improvement works on their principal private residences and rental properties will be extended until 31 December 2018. The tax credit is calculated at 13.5% of qualifying expenditure over €5k to a maximum of €30k. Therefore, a credit will be available of between €675 to €4,050.

Help to Buy Scheme

This scheme will provide for a rebate of income tax to assist first time buyers fund the deposit required under the Central Bank rules in order to purchase a newly built home (built from 19 July 2016) up to 31 December 2019.

The rebate will consist of an income tax refund over the previous 4 years of up to 5% of the purchase price of the home up to €400,000 in value. The rebate will be due for properties valued up to €600,000 also, but the maximum rebate capped at up to 5% of €400,000 (i.e. €20,000).

Capital Gains Tax (CGT)

No changes were announced with regard to CGT rates.

The revised CGT relief for entrepreneurs introduced from 01 January 2016 will see a reduced rate of tax from 20% to 10% apply to the disposal in whole or in part of a business up to an overall limit of €1m in chargeable gains.

Capital Acquisitions Tax (CAT)

No changes were announced with regard to CAT rates.

The Group A (primarily from parents to their children) threshold will increase from €280,000 to €310,000 with effect from 12 October 2016.

The Group B & C thresholds will increase by 8% to €32,500 and €16,250 respectively.

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

The 3-year tax exemption on start-up companies will be extended for a further 2 years.

Agri tax measures

The flat rate addition for un-registered farmers is being increased from 5.2% to 5.4% with effect from 01 January 2017.

Accelerated capital allowances for energy efficient equipment is being introduced to sole traders and non-corporates.

Introduction of an Income Averaging ‘step out’. This will allow a farmer to opt out of the Income Averaging scheme in a year that it has unexpectedly poor income so that they receive a cash benefit in that year instead of tax liabilities being kept high due to the averaging of previous higher profits. This can be availed of for the 2016 tax year.

Stamp Duty

No changes to Stamp Duty were announced in the Budget.

Deposit Interest Retention Tax (DIRT)

The rate of DIRT has been reduced by 2% to 39%. This rate will continue to decrease by 2% per annum until the rate reaches 33%.

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 50c with effect from 12 October 2016.

There will be no change on Excise duty on alcohol, petrol or diesel.

Pensions

Tax relief at the marginal rate is to remain on pension contributions.

Brief outline on the Public Expenditure measures

  • Social Welfare payments – All pensions to increase by €5 per week from 01 March 2017
  • Social Welfare bonus – 85% Christmas bonus will be paid to social welfare recipients in 2016

Single Affordable Childcare Scheme – Subsidy scheme to be introduced from September 2017

13 October 2015

This year’s Budget was well documented in advance as being one for this Government to give back to the people in terms of tax reductions and to implement a positive capital expenditure plan. The only tax increase announced in the budget was the increasing of a packet of 20 cigarettes by 50c.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure measures announced by Minister Howlin.

The main features of Budget 2016 as they will affect you in business and in your personal life are as follows;

  • Top rate of Universal Social Charge (USC) reduced from 7% to 5.5%
  • USC rates change from 1.5% to 1%, 3.5% to 3% and 7% to 5.5%
  • Entry point of Universal Social Charge raised from €12,012 to €13,000
  • No change to the 12.5% Corporation tax rate
  • The 3 year tax relief for start-up companies is being extended for another 3 years
  • Introduction of an Earned Income credit of €550
  • Home Carer tax credit increased to €1,000 from €810 with the income threshold increasing to €7,200 from €5,080
  • Entry level to the higher level of employers PRSI rate of 10.75% increase to €376.01 from €356.01
  • PRSI relief available to remove the tax burden on low paid workers’ where their pay is increased where they move into a new PRSI bracket which resulted in a drop in net pay
  • There is to be no change in the VAT rates, which includes the keeping of the 9% rate for the tourism / hospitality sector
  • Rate of motor tax reduced for heavy goods vehicles
  • Price of 20 cigarettes to increase by 50c from 14 October 2015
  • Minimum wage to increase from €8.65 to €9.15 per hour from 01 January 2016
  • ‘Home Renovation Tax Inventive Scheme’ is being extended to 31 December 2016
  • Stock relief and Stamp Duty relief for Farmers is being extended to 31 December 2018
  • New farm succession plan to be introduced
  • No increase in excise duty on alcohol
  • No increase in excise duty on petrol or diesel
  • Capital Acquisitions Tax threshold Group A (from parents to children) only is being increased
  • New CGT relief for entrepreneurs to be introduced from 01 January 2016 with a rate of 20%
  • No changes in CGT or CAT rates (other than the entrepreneur rate above)
  • Special 6.25% Corporation tax rate available on profits arising on certain patents and copyrighted software
  • Stamp duty on ATM & debit cards of €2.50 / €5 to be abolished from 01 January 2016 and replaced with a 12c ATM withdrawal fee
  • Revenue Commissioners to receive extra funding for increased audit and investigation activities
  • Child benefit to increase by €5 per child to €140 from January 2016
  • Free GP care for children aged 11 and under
  • 75% social welfare Christmas bonus in 2015
  • Free childcare from age of 3 to 5 ½.
  • Pension tax relief to remain at the marginal rate of tax
  • The levy on pension funds of 0.15% will be abolished as previously announced from 01 January 2016
  • All state pensions to increase by €3 per week
  • Statutory paternity leave of 2 weeks from September 2016

Income Tax & Levies

There have been no changes to the rates or thresholds of income tax.

Workers earning under €13,000 per annum will be exempt from the USC.

There has been a change in the USC rates and thresholds as per table 4 on page 7.

An Earned Income Credit of €550 is being introduced for taxpayers earning self-employed trading or professional income and to business owners / managers who are ineligible for a PAYE credit on their salary income.

A new farm succession plan is to be introduced with a maximum €5k tax credit per annum for 5 years available. This new model is subject to EU State Aid approval.

General stock relief, stock relief for Young Trained Farmers, stock relief for Registered Farm Partnerships is being extended until 31 December 2018.

The Home Carer Credit is being increased by €190 from €810 to €1,000 with the income threshold increasing to €7,200 from €5,080.

The entry level to the higher employer PRSI rate is increasing from €356.01 per week to €376.01 week.

The statutory minimum wage will increase to €9.15 per hour from €8.65 per hour from 01 January 2016

VAT

The 9% rate applicable to certain service industries (tourism / hospitality etc) will continue in 2016.

No further changes to VAT.

Home Renovation Incentive (HRI)

This scheme which provides a tax credit to homeowners who carry out renovation and improvement works on their principal private residences and rental properties will be extended until 31 December 2016. The tax credit is calculated at 13.5% of qualifying expenditure over €5k to a maximum of €30k. Therefore a credit will be available of between €675 to €4,050.

Capital Gains Tax (CGT)

No changes were announced with regard to CGT rates.

A revised CGT relief for entrepreneurs is being introduced from 01 January 2016 will see a 20% rate apply to the disposal in whole or in part of a business up to an overall limit of €1m in chargeable gains.

Capital Acquisitions Tax (CAT)

No changes were announced with regard to CAT rates.

The Group A (primarily from parents to their children) threshold will increase from €225,000 to €280,000 with effect from 14 October 2015.

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

The 3 year tax exemption on start-up companies will be extended for a further 3 years.

There will be a special 6.25% rate of corporation tax to apply to the profits arising to certain patents and copyrighted software which are the result of qualifying Research & Development carried out in Ireland.

Stamp Duty

Stamp duty on ATM & debit cards of €2.50 / €5 to be abolished from 01 January 2016 and replaced with a 12c ATM withdrawal fee.

This ATM withdrawal fee will be capped at €2.50 / €5 accordingly, therefore people will not be charged extra but will be rewarded for less cash withdrawals and incentivised to pay via debit card transactions.

Stamp Duty exemption for Young Trained Farmers is being extended until 31 December 2018.

Deposit Interest Retention Tax (DIRT)

There were no changes in the DIRT rates.

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 50c with effect from 14 October 2015.

There will be no change on Excise duty on alcohol, petrol or diesel.

VRT & Motor Tax

No changes were announced with regard to VRT or private Motor tax.

The rate of motor tax for heavy goods vehicles is being reduced.

Pensions

Tax relief at the marginal rate is to remain on pension contributions.

The pension levy of 0.15% announced in 2014 for 2014 and 2015 will be abolished as planned from 01 January 2016.

Brief outline on the Public Expenditure measures

  • Child benefit – €5 increase per child in child benefit as was proposed in Budget 2015
  • Extra free pre-school year – Early Childcare and Education scheme to be extended which will see free childcare for children aged 3 up until they are 5 ½, or until they start school
  • Statutory paternity leave – 2 weeks statutory paternity leave from September 2016
  • State pension – All pensions to increase by €3 per week from 01 January 2016
  • GP Care – Proposed extension to the free GP care to include children aged 11 and under

Social Welfare bonus – 75% Christmas bonus will be paid to social welfare recipients in 2015

 

14 October 2014

This year’s Budget continued last years move from the traditional December announcement to October to keep Ireland in line with EU reporting requirements. It is our first budget since the fiscal constraints of the troika programme.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure measures announced by Minister Howlin.

The main features of Budget 2015 as they will affect you in business and in your personal life are as follows;

  • Top rate of tax reduced from 41% to 40%
  • Standard rate cut off point raised from €32,800 to €33,800 (point at which you enter top rate of tax) with proportionate increase for married couples and single parents
  • Income averaging for farmers increased from 3 years to 5 years
  • Entry point of Universal Social Charge raised from €10,036 to €12,012
  • All USC thresholds increased
  • USC rates change from 2% to 1.5% and 4% to 3.5%
  • New USC rate of 8% for incomes above €70,044
  • Self-employed income above €100,000 will attract USC @ 11%
  • Individuals aged 70 years and over with income under €60,000 will pay a maximum of 3.5% USC
  • No change to the 12.5% Corporation tax rate
  • The 3 year tax relief for start-up companies is being extended to 2015
  • Removal of base year in respect of R&D expenditure
  • There is to be no change in the VAT rates, which includes the keeping of the 9% rate for the tourism / hospitality sector
  • From 15 October 2014 to 31 December 2017 1st time buyers can receive a refund of DIRT on savings used to purchase their home
  • Price of 20 cigarettes to increase by 40c from 15 October 2014
  • No increase in excise duty on alcohol
  • No increase in excise duty on petrol or diesel
  • Increase in Artists exemption by €10,000 to €50,000
  • Seed Capital Scheme to be re-branded as ‘Start-Up Relief for Entrepreneurs’ (SURE)
  • Rent a room relief increased by €2,000 to €12,000
  • Tax relief @ 20% available on water charges up to a maximum of €500 charge (maximum €100 credit)
  • ‘Home Renovation Tax Inventive Scheme’ extended to rental properties from 15 October 2014 to 31 December 2015
  • The 7 year exemption from CGT due to expire on 31 December 2014 will not be extended
  • The Windfall tax of 80% on certain gains from development land is to be removed from 01 January 2015
  • Farmers’ flat rate addition being increased from 5% to 5.2%
  • Increase in exemption thresholds on farm leasing by 50%
  • CGT relief for Farm restructuring extended to 31 December 2016
  • CGT retirement relief amended to include farmland leased for up to 25 years (from 15 years)
  • The current consanguinity relief on Stamp Duty to be extended for 3 years
  • No changes in CGT or CAT rates
  • Child benefit to increase by €5 per child with a possible further increase in 2016 of €5
  • 25% social welfare Christmas bonus in 2014
  • Pension tax relief to remain at the marginal rate of tax
  • Pension levy of 0.6% is to be abolished as previously announced from 01 January 2015. The additional levy on pension funds of 0.15% will be abolished as previously announced from 01 January 2016
  • New Film Relief Scheme to be introduced in 2015 as previously announced

Income Tax & Levies

The top rate of income tax has been reduced from 41% to 40%.

The standard rate cut off point has been increased from €32,800 to €33,800 and proportionately for married couples and single parents.

There has been a change in the USC rates and thresholds as per table 4 on page 7.

A new water tax credit will be available at 20% of charges incurred (subject to a maximum charge of €500) payable in arrears. For example, a €350 charge incurred in 2015, a tax credit of €70 will be available in 2016.

Income averaging for Farmers will be available to farmers who derive off farm income and increased to 5 years from 3 years. This will be reviewed after 3 years.

There is a 50% increase in the exemption threshold for leasing out farmland with a new threshold for leases of 15 years and over.

New Film Relief scheme is to commence in 2015.

There is an increase in the amount of finance that can be raised by a company under the Employment and Investment Incentive to €5m annually subject to a lifetime maximum of €15m.

VAT

The 9% rate applicable to certain service industries (tourism / hospitality etc) will continue in 2015.

The farmer’s flat rate addition will be increased from 5% to 5.2% with effect from 01 January 2015.

Home Renovation Incentive (HRI)

This scheme which provides a tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 2014 and 2015 will be extended to rental properties. The tax credit is calculated at 13.5% of qualifying expenditure over €5k to a maximum of €30k. Therefore a credit will be available of between €675 to €4,050.

Capital Gains Tax (CGT)

The 7 year exemption from CGT due to expire on 31 December 2014 will not be extended.

The Windfall tax of 80% on certain gains from development land is to be removed from 01 January 2015

No changes were announced with regard to CGT rates.

Retirement relief will be available to farmers in respect of land leased out is being extended to 25 years (from 15 years) in certain circumstances.

Farm restructuring CGT relief is available where the first transaction in the restructuring is carried out by 31 December 2016.

Capital Acquisitions Tax (CAT)

No changes were announced with regard to CAT rates or bands.

Changes will be introduced to the Agricultural relief scheme in that it will only be available to active farmers or farmers who lease out the land to active farmers.

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

The 2003 base year restriction on R&D expenditure will be removed from 01 January 2015.

The 3 year tax exemption on start-up companies will be extended in 2015.

Companies registered in Ireland must now also be tax resident in Ireland resulting in the closing of the ‘Double Irish’ tax loophole. This is immediate for new companies and will be phased in for existing companies.

Stamp Duty

Agricultural leases between 5 and 35 years in duration to active farmers will be exempt from Stamp Duty.

Consanguinity Relief is extended for a further 3 years on non-residential property.

Deposit Interest Retention Tax (DIRT)

First time buyers will be eligible for a refund of DIRT on savings from 15 October 2014 to 31 December 2017 in respect of savings used to purchase their home subject to a maximum of 20% of the purchase price.

There were no changes in the DIRT rates.

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 40c with effect from 15 October 2014. There will be no change on Excise duty on alcohol, petrol or diesel.

VRT & Motor Tax

No changes were announced with regard to VRT and Motor tax.

Pensions

Tax relief at the marginal rate is to remain on pension contributions.

The current pension levy of 0.6% will be abolished from 31 December 2014 as previously announced and the additional levy of 0.15% announced in 2014 for 2014 and 2015 will be abolished as planned from 01 January 2016. This means that for 2015 the pension levy will drop from 0.75% to 0.15% and to 0% in 2016.

Brief outline on the Public Expenditure measures

  • Child benefit – €5 increase per child in child benefit with a view to increase this again by €5 in 2016
  • Social Welfare bonus – 25% Christmas bonus will be paid to social welfare recipients in 2014
  • Living alone allowance – increased to €9 from 01 January 2014

There was a detailed public expenditure programme announced and the above is the top issues that will face the majority of people.

15 October 2013

This year’s Budget moved from the traditional December announcement to October to move Ireland in line with EU reporting requirements. It is to be the last of our budgets under the fiscal constraints of the troika programme.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure cuts announced by Minister Howlin.

The main features of Budget 2014 as they will affect you in business and in your personal life are as follows;

  • No changes in income tax rates, bands or credits or USC rates or bands
  • There is to be no change in the VAT rates, which includes the keeping of the 9% rate for the tourism / hospitality sector
  • Farmers’ flat rate addition being increased to 5% from 4.8%
  • Introduction of a Banking Sector Levy
  • Introduction of ‘Home Renovation Tax Inventive Scheme’
  • Introduction of ‘Start Your Own Business Scheme’
  • Threshold for cash receipts basis for VAT reporting increases from €1.25m to €2m
  • No changes in CGT or CAT rates
  • No increase in excise duty on petrol or diesel
  • Pint of beer / cider and standard measure of spirits to increase by 10cent and a 75cl bottle of wine duty to increase by 50cent
  • Cigarettes to increase by 10c per packet of 20 from 16 October 2013
  • Maternity benefit will be standardised at €230 per week
  • No change to Corporation tax rate
  • DIRT increased by to 41%
  • Pension tax relief to remain at the marginal rate of tax
  • Additional levy on pension funds of 0.15% (0.6% levy already in place to be abolished from 31 December 2014)
  • Air travel tax will be reduced to zero from 01 April 2014
  • New Film Relief Scheme to be brought forward to 2015 from 2016
  • Medical insurance tax relief to be capped at €1,000 for adult, €500 for a child
  • Free GP care for children aged 5 and under
  • Bereavement grant of €850 to be abolished
  • Reduced social welfare payments for unemployed people under 26

Income Tax & Levies

There were no changes to the income tax rates, standard rate cut-off points or tax credits in this year’s budget. There were also no changes in Universal Social Charge (USC) rates or bands.

Top slicing relief on taxable lump sum termination payments is to be abolished.

Maternity Benefit which has been taxable from 01 July 2013 is now to be standardised at €230 per week (from a high rate of €262 per week).

Tax relief on medical insurance premiums is to be capped with the limit to be €1,000 per adult and €500 per child.

The One-Parent tax credit is to be replaced by a Single Person Child Carer Tax Credit with only the principal carer of the child able to claim this credit (as opposed to both parents).

A 2 year Income Tax exemption will be introduced to assist individuals who have been unemployed for at least 15 months start their own unincorporated business.

The start date for the new Film Relief scheme is being brought forward to 2015 from 2016.

VAT

The 9% rate applicable to certain service industries (tourism / hospitality etc) will continue in 2014.

Threshold for cash receipts basis for VAT reporting increases from €1.25m to €2m from 01 May 2014.

The farmer’s flat rate addition will be increased from 4.8% to 5% with effect from 01 January 2014.

Home Renovation Incentive (HRI)

This incentive will provide a tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 2014 and 2015. The tax credit is calculated at 13.5% of qualifying expenditure over €5k to a maximum of €30k. Therefore a credit will be available of between €675 to €4,050.

Capital Gains Tax (CGT)

No changes were announced with regard to CGT rates.

Retirement relief will be available to farmers in respect of land leased out in certain circumstances.

Purchase period for relief from CGT on disposal of commercial property held for at least 7 years is being extended to 31 December 2014.

CGT relief will be available from 01 January 2014 to entrepreneurs who reinvest the proceeds from the disposal of assets, on which CGT has previously been paid. This will form as a tax credit equal to the lower of CGT paid or 50% of CGT due on future gain. This measure will require EU approval.

Capital Acquisitions Tax (CAT)

No changes were announced with regard to CAT rates or bands.

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

Deposit Interest Retention Tax (DIRT)

The rate of DIRT has been increased to a unified 41% (from 33% / 36%) from 2014. This measure is to discourage saving and incentivise investment and spending.

Banking Levy

The banking sector will be required to contribute €150m per year to the Exchequer from 2014 to 2016.

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 10c with effect from 16 October 2013. Excise duty on a pint of beer / cider and a standard measure of spirits will increase by 10c with effect from 16 October 2013 and 50c on a 75cl bottle of wine.

VRT & Motor Tax

No changes were announced with regard to VRT and Motor tax.

Pensions

Tax relief at the marginal rate is to remain on pension contributions.

The current pension levy of 0.6% will be abolished from 31 December 2014 with an additional levy of 0.15% in 2014 and 2015. This means that for 2014 there will be an overlap of the pension levies resulting in a levy of 0.75% for 2014.

The standard fund threshold will be reduced from €2.3m to €2m from 01 January 2014.

Brief outline on the Public Expenditure measures

  • Bereavement Grant – This grant of €850 paid to families of deceased persons is to be abolished
  • Free GP Care for under 6’s – Free GP care for children aged 5 and under is to be introduced
  • Jobseekers – Reduced rate of €100 extended to new entrants aged 25 and under

There was a detailed public expenditure programme announced and the above is the top issues that will face the majority of people.

05 December 2012

This year’s Budget reverted back to the traditional one day announcement from last year’s two day announcement that was split between Public Expenditure cuts and Taxation measures.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure cuts announced by Minister Howlin.

As widely expected, the main tax focus of the budget was surrounding the controversial Property tax.

The main features of Budget 2013 as they will affect you in business and in your personal life are as follows;

  • Property tax rate of 0.18% on the first €1m of property values will apply from 01 July 2013 with a rate of 0.25% on the balance
  • Household charge to be abolished from 01 January 2013
  • NPPR charge to be abolished from 01 January 2014
  • No changes in income tax rates, bands or credits
  • USC and the standard rates (as opposed to maximum 4%) will apply for those over 70 on incomes in excess of €70,000
  • The PRSI weekly free allowance of €127 for employees will be abolished
  • PRSI net to be broadened to include rental, investment, deposits and other income in 2014
  • Preferential loan rates to change to 4% and 13.5% (from 5% and 12.5%)
  • Top slicing relief not available on redundancy payments greater than €200k
  • Reduced rate of VAT in the tourist industry is to remain at 9% in 2013
  • Threshold for cash receipts basis for VAT reporting increases from €1m to €1.25m
  • No increase in excise duty on petrol or diesel
  • Pint of beer / cider and standard measure of spirits to increase by 10cent, and on a bottle of wine by €1 from 06 December 2012
  • Cigarettes to increase by 10c per packet of 20 from 06 December 2012
  • From 01 July 2013 Maternity Benefit will be subject to tax (but not USC)
  • No change to Corporation tax rate
  • VRT & motor tax rates will increase from 01 January 2013
  • DIRT increased by 3% to 33% / 36%
  • Capital Acquisitions Tax (CAT) will increase by 3% to 33%
  • The CAT thresholds will be reduced by 10%
  • Capital Gains Tax (CGT) will increase by 3% to 33%
  • Tax relief at marginal rate to remain on pension contributions
  • Pension levy to be abolished in 2014
  • No reduction in the primary weekly rate of social welfare
  • Child benefit cut €10 for each child

Property Tax

The property tax will be applied at a rate of 0.18% on the first €1m with a rate of 0.25% on any amount above €1m.

The Revenue Commissioners will be charged with the collection of the tax on a self assessment basis. Valuation rate bands of €50,000 apart will be used for guidance purposes with the appropriate rate applied at the mid way point of each band.

Example

A house with a value between €300k and €350k will have a rate of 0.18% applied to €325k; therefore a tax of €585 will be liable. However in 2013, only 50% of this will be due as the tax will take effect from 01 July 2013.

The initial value used would apply for 3 years to the end of 2016.

It is expected that similar exemptions that applied to the Household charge will apply here for 3 years to the end of 2016.

The Household charge will be abolished from 01 January 2013 and the NPPR charge will be abolished from 01 January 2014.

From 2015, local authorities will have the power to vary the rates by 15% above or below the central national rates to better match their funding needs. Therefore in 2015 local councils could raise the rate to a maximum of 0.207% assuming the national rate remains at 0.18%.

Income Tax

There were no changes to the income tax rates, standard rate cut-off points or tax credits in this year’s budget. The free PRSI weekly allowance of €127 for employees will be abolished, costing employee’s €5.08 per week, €264.16 per annum.

The PRSI net has been broadened with rental, investment and other income now liable for PRSI from 2014.

The minimum level of annual contribution from the self-employed will increase from €253 to €500.

Maternity Benefit will be taxed from 01 July 2013 but will continue to be exempt from USC in line with other Department of Social Protection payments.

The specified rate in respect of home loans provided by an employer is being reduced from 5% to 4% with effect from 01 January 2013. The specified rate in respect of non - home loans provided by an employer is being increased from 12.5% to 13.5% with effect from 01 January 2013.

Top slicing relief will no longer be available for persons who receive an ex-gratia payment, excluding statutory redundancy, where the amount is €200,000 or more. This will take effect from 01 January 2013.

VAT

The 9% rate applicable to certain service industries will continue in 2013.

Threshold for cash receipts basis for VAT reporting increases from €1m to €1.25m.

The farmer’s flat rate addition will be reduced from 5.2% to 4.8% with effect from 01 January 2013.

Capital Gains Tax (CGT)

The rate of CGT will increase from 30% to 33% from 06 December 2012.

Capital Acquisitions Tax (CAT)

The rate of CAT will increase from 30% to 33% from 06 December 2012.

The tax free thresholds will see a 10% reduction. [New thresholds, Group A – 225k, Group B - €30,150, Group C - €15,075].

Corporation Tax

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

There has been an amendment to the 3 year relief for start up companies in that they can carry forward any unused relief.

Deposit Interest Retention Tax (DIRT)

The rate of DIRT has been increased by 3% to 33% (36% for long term deposits).

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 10c with effect from 06 December 2012. Excise duty on a pint of beer / cider and a standard measure of spirits will increase by 10c with effect from 06 December 2012 and €1 on a 75cl bottle of wine and €1.97 on a standard 70cl bottle of whiskey (40% alcohol content).

VRT & Motor Tax

VRT and Motor Tax rates will increase from 01 January 2013.

Pensions

Tax relief at the marginal rate is to remain on pension contributions. Tax relief on pension contributions to schemes which deliver an income of €60,000 per annum will be curtailed from 01 January 2014.

The pension levy will be abolished in 2014.

Individuals will be allowed a once of option to access up to 30% of the value of funded Additional Voluntary Contributions (AVC’s). Withdrawals will be taxed at the individual’s marginal rate of tax plus levies. This option will be available to 2016.

Brief outline on the Public Expenditure cuts

  • Child benefit – A cut of €10 per month per child will apply.
  • Jobseekers benefit – This benefit has been reduced from 12 months to 9 months.
  • Drug Payment Scheme – Threshold is being increased from €132 to €144 per month.
  • Prescription charge – Charge will increase from €0.50 to €1.50.
  • Higher education – Student contribution will increase by €250 each year between 2013 and 2015.

There was a detailed public expenditure cut programme announced and the above is the top issues that will face the majority of people.

21 December 2011

This year’s Budget parted from the traditional one day announcement to a two day announcement split between Public Expenditure cuts and Taxation measures.

This summary will focus primarily on the day two announcements and the Taxation measures presented by Minister Noonan with a brief outline of the day one announcements by Minister Howlin.

The main features of Budget 2012 as they will affect you in business and in your personal life are as follows;

  • No changes in income tax rates, bands or credits
  • USC exemption level to increase from €4,004 to €10,036
  • PRSI net to be broadened to include rental, investment and other income
  • Standard rate of VAT to be increased to 23% (+2%) from 01 January 2012
  • CGT rate to be increased to 30% (+5%) from 07 December 2011
  • 7 year CGT relief on commercial property gains
  • CAT rate to be increased to 30% (+5%) from 07 December 2011
  • Group A tax free threshold to be reduced from €332,084 to €250,000
  • No change to Corporation tax rate
  • Stamp duty on commercial property to be reduced to 2% (-4%) from 07 December 2011
  • Petrol and diesel to increase by approx 1.5c per litre plus VAT increase from 07 December 2011
  • DIRT increased by 3% to 30% / 33%
  • Third level registration fees increased by €250 to €2,250
  • Household charge of €100 from 2012
  • Changes to mortgage interest relief (see below)
  • Cigarettes to increase by 25c per packet of 20 from 07 December 2011
  • Child benefit cut for 3rd and subsequent child
  • Employer redundancy rebate reduced to 15% (from 60%)

Income Tax

There were no changes to the income tax rates, standard rate cut-off points or tax credits in this year’s budget. Therefore there will be no changes in the payroll for PAYE workers.

The Universal Social Charge (USC) has been slightly amended meaning the exemption level has been increased from €4,004 to €10,036. This will not affect the vast majority of people as if you earn over €10,036 per annum the USC will be levied on the total salary. This will benefit mainly seasonal and part time workers.

The USC system will also move to a cumulative system rather than the week 1 / month 1 that currently prevails. This is in line with the actual income tax system and again will benefit the low paid, part-time and seasonal workers.

The PRSI net has been broadened with rental, investment and other income now liable for PRSI from 2013.

A property relief surcharge of 5% will be imposed on investors with an annual gross income over €100k.

VAT

The standard rate of VAT will increase from 21% to 23% from 01 January 2012. It must be pointed out that under the previous Government’s 4 year plan passed 1 year ago, the VAT rate was to increase to 22% on 01 January 2012 and to 23% on 01 January 2013. This budget has simply applied the increase in one go.

Capital Gains Tax (CGT)

The current rate of 25% is being increased to 30% on disposals made after 06 December 2011.

On property purchased between 07 December 2011 and 2013, any gain realised on the subsequent disposal will be relieved from CGT for the first seven years held (the property must be held for 7 years).

Capital Acquisitions Tax (CAT)

The current rate of 25% is being increased to 30% on gifts or inheritances received after 06 December 2011.

The tax free thresholds for Group A will also be decreased from €332,084 to €250,000.

Corporation Tax

The 3 year tax exemption from Corporation Tax on the trading income and certain gains of new start-up companies in the first 3 years of trading is being extended to include start-up companies which commence a new trade in 2012, 2013 or 2014.

The Government has stated its commitment to maintaining the 12.5% Corporation Tax rate.

Stamp Duty

The rate on commercial property and farmland will be reduced from 6% to 2% from 07 December 2011.

Deposit Interest Retention Tax (DIRT)

The rate of DIRT has been increased by 3% to 30% (33% for long term deposits)

Mortgage Interest Relief

Mortgage interest relief for first-time buyers between 2004 – 2008 will increase to 30%. The first-time buyer rate will be 25% in 2012, non first-time buyers will benefit from mortgage interest rate relief at 15%.

Customs & Excise

Excise duty on a packet of 20 cigarettes is being increased by 25c (including VAT increase of 2%) with effect from 07 December 2011. Excise duty on alcohol remains unchanged; however the increase in VAT of 2% will apply to alcohol.

A carbon tax increase on home heating oil etc will come into effect from 01 May 2012.

VRT & Motor Tax

A review of the current CO2 bands and rates in relation to VRT will commence. Motor tax rates will increase from 01 January 2012.

Households

A household charge of €100 will apply on all residential homes from 2012. There will be a waiver for those on mortgage interest supplement, certain housing estates and social housing.

Brief outline on the Public Expenditure cuts

  • Child benefit – Phase out of entitlements to higher rates for the 3rd and subsequent child over 2 years. All child benefit rates will then be €140 per child.
  • Jobseekers benefit – The payment entitlement will be based on a 5 day week rather than a 6 day week where a person is working for part of a week.
  • Redundancy – The employer rebate on statutory redundancy payments will be reduced from 60% to 15%.

There was a detailed public expenditure cut programme announced and the above is the top issues that will face the majority of people.

 

09 December 2010

Universal Social Charge explained

The Universal Social Charge (USC), which comes into effect on 01 January 2011, is a tax payable on gross income, including notional pay, after any relief for certain capital allowances, but before pension contributions.

All individuals who earn in excess of €4,004 per annum are liable to this new charge.

Exemptions

The following is exempt from the USC;

• Where an individual’s total income for a year does not exceed €4,004.

• All Dept. of Social Protection payments.

• Income already subject to DIRT.

• Certain other income sources

Rates & Thresholds

The following rates apply to persons under 70 years;

Income Thresholds
Per year Per Week Per Month Rate of USC
Up to €10,036 Up to €193 Up to €837 2%
From €10,037 to
€16,016 inclusive
From €194 to
€308 inclusive
From €838 to
€1,335 inclusive
4%
In excess of €16,016 In excess of €308 In excess of €1,335 7%

The following rates apply to persons over 70 years;

Income Thresholds
Per year Per Week Per Month Rate of USC
Up to €10,036 Up to €193 Up to €837 2%
In excess of €10,036 In excess of €193 In excess of €837 4%

Medical Card

Persons entitled to a full Medical Card are not excluded from the USC. The exemption that existed for people who hold a full Medical Card in relation to the Income Levy is not a feature of the USC.

Self employed

Capital allowances

Capital allowances claimed as normal trading expenses in respect of items of plant & machinery and certain buildings are allowed as a deduction before the USC is calculated. There is no deduction allowed for capital allowances claimed by passive investors or lessor.

Tax exempt income sources

An individual whose income consists of exempt source income from occupation of certain woodlands, profits from stallion fees, stud greyhound services fees and farmland leasing, along with the artists exemption, will be subject to the USC subject to the relevant thresholds.

Preliminary tax for 2011

An individual can calculate their preliminary tax for 2011 on the basis of 90% of the current year liability, and incorporate the USC using the rates of 2%, 4% and 7%.

However where the individual wishes to pay preliminary tax on the basis of the 100% of the previous year liability then their payment should be on the basis of the final liability for the year 2010 as if USC at the appropriate rates had been paid for that year.

Please note that the deadline for paying the preliminary tax for 2011 will be 31 October 2011. The preliminary tax deadline just passed was for 2010.

08 December 2010

The table below outlines the income tax position with regard to the main tax credits for 2011.

Tax credit 2011 (€) 2010 (€)
Single person 1,650 1,830
Married person 3,300 3,660
PAYE credit 1,650 1,830
One parent family credit 1,650 1,830
Home carer 810 900

The table below sets out the tax rates and bands for 2011.

Personal circumstances 2011 (€) 2010 (€)
Single / Widowed without
dependent children
32,800 @ 20%
Balance @ 41%
36,400 @ 20%
Balance @ 41%
Single / Widowed qualifying
for one parent family tax credit
36,800 @ 20%
Balance @ 41%
40,400 @ 20%
Balance @ 41%
Married couple, one spouse
with income
41,800 @ 20%
Balance @ 41%
45,400 @ 20%
Balance @ 41%
Married couple, both spouses
with income
41,800 @ 20% with
increase of 23,800 max   
Balance @ 41%
45,400 @ 20% with
increase of 27,400 max
Balance @ 41%
  • Relief for trade union subscriptions paid is being abolished for 2011 and subsequent years.
  • Relief on service charges remains unchanged @ 20% of amount paid (up to €400) for 2011. This is being abolished in 2012.
  • Rent tax relief is being withdrawn on a phased basis and will be abolished in 2018.
  • The income exemption limits for persons aged 65 and over have being reduced from €20k to €18k for single / widowed persons and from €40k to €36k for a married couple over 65.
  • Patent Royalty income exemption has been abolished from 24 November 2010.

The Universal Social Charge (USC) comes into effect on 01 January 2011 and replaces the Income Levy & Health Levy. It is a tax payable on gross income, including notional pay, after any relief for capital allowances, but before pension contributions.

The rates and thresholds of the USC are indicated below.

Income (€) Rate
Up to 10,036 2%
From 10,037 to 16,016 4%
Above 16,016 7%

For individuals aged 70 and over, the 7% rate does not apply.

Pensions

  • Ex-gratia payments made on or after 01 January 2011 will be subject to a maximum exemption limit of €200k taking into consideration any prior tax free payments (including SCSB deductions) which have been received. The excess will be taxed at 20%.
  • From 01 January 2011, employee contributions to pension schemes will no longer be exempt from employee PRSI. These contributions will also be subject to the USC.
  • Employer contributions to occupational pension schemes and other pension arrangements are exempt from employer PRSI which would otherwise apply at the rate of 10.75%. The extent of this relief will be reduced by 50% from 01 January 2011.
  • The annual earnings limit for 2010 going forward will be €115,000 for the purpose of determining how much of a pension contribution may be paid, together with the age related percentage limits).
  • The Standard Fund Treshold (SFT) is to be set at €2.3 million as on from 07 December 2010.

Capital Acquisitions Tax (CAT)

The new thresholds for CAT are set out below. The CAT rate is unchanged at 25%.

Group Beneficiary
Group A - €332,084 Child, in certain circumstances a parent
Group B - €33,208 Brother, sister, niece , nephew etc
Group C - €16,604 All other cases

VRT

The scrappage scheme is being extended to 30 June 2011. The maximum relief will be reduced from €1,500 to €1,250.

Stamp Duty

The rate of Stamp Duty on residential property has been reduced to 1% on proerties under €1m and 2% over that limit. This applies from transactions executed on or after 08 December 2010 with transitional arrangements in place.

The following Stamp Duty reliefs have been abolished;

  • Transfer of site from parent to child
  • New dwelling houses / apartments with floor area exceeding 125 sq.m
  • Residential property first time purchaser relief
  • Consanguinity relief in relation to residential properties only

PRSI

  • The employee PRSI ceiling of €75,036 is abolished
  • Class S PRSI is increased from 3% to 4%
  • The modified PRSI rate for civil servants increases to 4% on incomes in excess of €75,036

07 December 2010

Finance Minister Brian Lenihan today announced the Budget 2011 aimed at cutting the gap in the public finances by €6 billion through a mixture spending cuts and increased tax revenue.

Please contact this office if you require clarification or advice on any of the budget measures.

The main features of the budget are as follows;

• Child benefit to be reduced by €10 per month (further €10 reduction after 3rd child)

• 4% reduction in Social Welfare payments (€8 per week)

• Tax credits and Standard Rate Cut Off Point to be decreased by 10%

• PRSI for Self employed to be increased by 1%

• Income Levy and Health Levy to be replaced by Universal Social Charge

• No change in Corporation Tax rate

• Tax free allowances for CAT to be reduced by 20%

• Stamp Duty on residential properties under €1m to be reduced to 1% (2% above €1m)

• RCT withholding tax for registered contractors to be reduced to 20%

• Petrol to increase by 4c per litre

• Diesel to increase by 2c per litre

• Government scrappage scheme to be extended to 30 June 2011

• Airport Travel tax reduced to €3

• DIRT increased by 2% to 27% / 30%

• Third level registration fees increased by €500 to €2,000 (more than one child will pay €1,500)

 

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