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Budget 2024 Review

Summary of announcements

Presented by

Opes Wealth Trust

192-194 Harold’s Cross

Dublin 6W

Executive summary

This year’s Budget has been framed against a backdrop of global uncertainty both economical and geopolitical. Headline inflation for the year is estimated to be 5.25%, falling to 2.9% in 2024 while the economy is projected to grow by 2.25% in 2023 and 2024.

A summary of the main measures which may impact on individuals directly is outlined below. This document intended as a summary of the key components of Budget 2024 that might impact you, your family and business.

Taxation Measures

[1] Personal Tax

  • The standard rate band has been increased by €2,000 for all earners.

  • The Personal/Employee and Earned income credit have been increased by €100.

  • USC rate of 4.5% reduced to 4%.

  • No headline changes to CGT/CAT rates or thresholds.

Income Tax Rates & Band’s

USC Rates & Bands

Income Tax Credits

[2] Housing

  • Extension of Help to Buy scheme for First Time Buyers until the end of 2025.

  • Increase in rent tax credit to €750 for private tenants. Parents can now claim the credit on behalf of children who have tenancies in rent a room or digs accommodation.

  • Temporary tax relief for landlords. For 2024 the first €3,000 will be exempt from income tax rising to €4,000 in 2025 and €4,000 in 2026 & 2027. This will relief be subject to conditions.

  • Temporary mortgage interest relief [capped @ €1,250] will apply to variable rate and tracker rate mortgages. The relief will apply on the increased interest cost paid in 2023 compared to for 2022 for certain mortgages.

  • Vacant homes tax will increase to 5 times the Local Property Tax levy.

[3] Business & Entrepreneur’s

  • Retirement Relief- increase in the age limit from 66 to 70.

  • A new capital gains tax relief for angel investors will be introduced.

[4] Pension’s/Investments

  • No changes announced to pensions tax relief or thresholds.

  • No changes announced to DIRT rates.

Cost of Living Measures

[1] Energy Assistance

  • Electricity energy credit of €450 to be paid to households in three instalments of €150 over the coming months.

  • Additional lump sum fuel allowance of €300 to be paid to fuel allowance recipients.

  • 9% VAT rate for electricity and gas bills extended until 2025.

[2] Social Welfare Measures

  • Once off double week “Cost of Living Support” payment to all social welfare recipients which will be made in January. This payment is in addition to the Christmas bonus.

  • Double child benefit payment to all qualifying households in December.

  • Once off lump sum payment of €200 to those in receipt of the Living Alone Allowance.

  • State Pension will increase by €12 a week.

Childcare Measures

  • Reduction of 25% in childcare costs from September 2024.

  • Free schoolbooks at junior cycle in secondary school.

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