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Budget 2015 – What you need to know!

 

Budget 2015 was delivered yesterday. Some good news for Personal Tax in this year’s budget and more promised for next year. Here are a few things you need to know!

PAYE/TAX

  • The Higher Rate of Tax has been reduced from 41% to 40%.
  • Standard rate (20%) band increased by €1,000 to €32,800 (single) and by €2,000 for married couple with 2 incomes.
  • Water Charges relief (not effective until 2015) max tax credit of €100.
  • New Home Renovation scheme (introduced in Budget 2014), tax credit of 13.5% based on cost of building. Minimum value spent €5,000, with a maximum spend of €30,000. This has now been extended to rental properties

Universal Social Charge (USC)

  • USC – Rates reduced by 0.5% on the 2% & 4% bands now 1.5% & 3.5%.
  • New rate introduced for earners over €70,044 of 8% and 11% rate for self employed income over €100,000.
  • Increase in exemption limit from €10,036 to €12,012.

Social Welfare Benefits

Other areas to note for TAX:

  • VAT for tourism at 9% to be maintained for 2015 and may be extended to other areas in next years budget.
  • €5 increase in child allowance payment.
  • No increase in Fuel or Alcohol.
  • 40 cents on a packet of Cigarettes.

 

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Budget 2015 – What you need to know!

 

Budget 2015 was delivered yesterday. Some good news for Personal Tax in this year’s budget and more promised for next year. Here are a few things you need to know!

PAYE/TAX

  • The Higher Rate of Tax has been reduced from 41% to 40%.
  • Standard rate (20%) band increased by €1,000 to €32,800 (single) and by €2,000 for married couple with 2 incomes.
  • Water Charges relief (not effective until 2015) max tax credit of €100.
  • New Home Renovation scheme (introduced in Budget 2014), tax credit of 13.5% based on cost of building. Minimum value spent €5,000, with a maximum spend of €30,000. This has now been extended to rental properties

Universal Social Charge (USC)

  • USC – Rates reduced by 0.5% on the 2% & 4% bands now 1.5% & 3.5%.
  • New rate introduced for earners over €70,044 of 8% and 11% rate for self employed income over €100,000.
  • Increase in exemption limit from €10,036 to €12,012.

Social Welfare Benefits

Other areas to note for TAX:

  • VAT for tourism at 9% to be maintained for 2015 and may be extended to other areas in next years budget.
  • €5 increase in child allowance payment.
  • No increase in Fuel or Alcohol.
  • 40 cents on a packet of Cigarettes.

 

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