- A tax package worth around €800 to individual workers. The level at which earners begin to pay the higher rate of income tax will go up by €2,000 to €42,000.
- An increase in the Personal, Employee & Earned Income Tax Credit from €1,775 to €1,875
- An increase of €100 in the Home Carer, Single Person Child Carer & Incapacitated Child Tax Credit
- €12 increase per week in main welfare payments and State pension
- USC will be cut from 4.5% to 4%, the first reduction in USC rates in five years.
- PRSI contribution rates will increase 0.1% from 1 October next year.
- Retirement Relief – From 1 January 2025, the higher level of relief, which applies on disposals to children and to others, will be available for disposals occurring from the age of 55 until the age of 70. Also from 1 January 2025, there will be a new limit of €10 million on the relief available for disposals to a child up until the age of 70
- A once-off mortgage-interest-relief measure which will give 20% tax relief on the increased amount of interest paid in 2022 compared to the calendar year 2023, capped at €1,250 per property.
- The rental tax credit is to be increased from €500 to €750.
- Landlords will benefit from a tax break worth between €600 and €1,000, rising every year they stay in the market up to 2027
- Minimum wage to rise by €1.40 to €12.70
If you have any queries on the above or wish to review your financial affairs, we are always happy to help. Please contact us on 053 9233640. |
