So, here’s the big bits of news for you…
For the last while, Budget Day has been a cavalcade of bad news for us, the average Irish person. So, with talk of things finally improving, what has Minister for Finance Michael Noonan done to us this year?
Here are the main points:
- You won’t start paying Universal Social Charge until you hit €12,000 a year, the upper ceiling of this goes up too
- The rates have also gone down, with 2 per cent going to 1.5 per cent, 4 per cent rate down to 3.5 per cent
- But two new top rates of USC has been created for big earners, with 8 per cent over €70,000 and 11 per cent over €110,000
- Top rate of income tax to be reduced by 1 per cent, to 40 per cent
- Tax band goes up by €1,000 too.
- Cigarettes have gone up by 40c, meaning a pack of 20 is now a nice even tenner. 20c on 25g of rolling tobacco
- Alcohol hasn’t been touched
- Nor has petrol or diesel
- Motor Tax and Vehicle Registration Tax also not changed
- Corporate Tax rate will not move from 12.5 per cent
- 9 per cent VAT rate to remain in the tourism industry
- 0.6 per cent pension levy to go at end of the year, the remainder of the pension levy will go at end of 2015
- DIRT tax refunded to first-time buyers who save for their deposit
- Income tax relief at 20 per cent on water charges up to €500 per year per household
That’s all folks. When Minister for Public Expenditure Brendan Howlin delivers his news, we’ll update.
Okay, here is what Minister Howlin announced
- €2.2billion capital investment in social housing over three years
- An extra €10m to be put into the problem of homelessness
- €1.6b to go into 300,000 places in Pathways to Work scheme, 6,000 positions in JobsPlus
- €19.4b to Dept of Social Protection, no cuts to social welfare schemes for first time since 2009
- Child benefit up by €5 per child
- Will go up another fiver in 2016
- Living Alone allowance up by €9 a week
- 25 per cent bonus to social welfare recipients this Christmas
- Water subsidy of €100 per annum for all recipients of free fuel allowance scheme who are not already covered by household’s package
- 1,700 additional full time teachers and SNAs to be recruited
- €10m a year for Palestine, on top of €2.5m for Gaza
- €212m for Arts, Heritage and the Gaeltacht, an increase of €4m
- Free GP care to over 70s and Under 6s after extra funding for Dept of Health
- Civil Service recruitment will resume in 2015
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