Irish Republican News · October 13, 2015

Budget 2016 - main points

 

The following are the main points of the annual statement of taxation and other policy changes for the 26 County Exchequer, announced this afternoon by Finance Minister Michael Noonan and Minister for Public Expenditure Brendan Howlin.

 

* The excise duty on a pack of 20 cigarettes is to increase by 50 cent from midnight on Tuesday.

* The entry point to the Universal Social Charge will rise from €12,012 to €13,000. The three lower USC rates are to fall - the 1.5 per cent rate will be cut to 1 per cent, 3.5 per cent to 3 per cent, and the 7 per cent rate will fall to 5.5 per cent.

* The tax credit for people who are carers in the home rises from €800 to €1,000. The income threshold for home carers increases to €7,200.

* Free pre-school childcare will be available for 3-year-olds until they start primary education.

* A tax credit for the self-employed, akin to the €1,650 PAYE tax credit, will be given to to the self-employed and farmers. It will be worth around €500 next year.

* 5% stamp duty on debit and atm cards to go and be replaced with a 12 cent per ATM transaction fee

* 12c charge fee per ATM charge fee

* Lower 9% VAT rate for newspapers and the tourism sector retained

* Free GP care scheme extended to children under 12.

* The inheritance tax threshold for children inheriting the family home will raise to €280,000.

* Capital gains tax for the self employed will drop to 20 per cent from 33 per cent for the sale of a business.

* The Old Age Pension will increase by €3 per week.

* The Fuel Allowance will be increased by €2.50 per week.

* The Christmas bonus for social welfare recipients will be restored to 75 per cent of the recipient’s weekly payment.

* Child benefit will increase by €5 per month.

* The respite care grant for carer’s will be restored to its previous level of €1,700.

* Children between the age of three and five will be entitled to free pre-school education until they reach primary school.

* There will be a €56 million increase in capital spending for housing.

* The local property tax revaluation date is postponed from 2016 to 2019.

* The minimum wage will increase to €9.15 an hour from January 1.

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