Now that we’ve all had time to digest the announcement of Budget 2017, you may still be wondering exactly how it will affect you come January 1.
Here’s our Budget 2017 highlights
Tax rates and Bands
- No changes to income tax rates or bands
Universal Social Charge
- The 1.0% rate will be reduced to 0.5% for the first €12,012 of income
- 3.0% rate will drop to 2.5% on increased threshold of €12,013 – €18,772
- The 5.5% rate will be reduced to 5.0% for income in excess of €18,772 up to €70,044
- The rate for income over €70,044 will remain at 8%.
- Home Carer Tax Credit increased from €1,000 to €1.100
First Time Buyers
- The Government are introducing a new Tax Rebate scheme for First Time buyers, where you can claim 5% of the cost of the purchase of a New Build. This is for properties up to the value of €400,000, allowing a maximum rebate of €20,000
- Minimum wage will be increased from €9.15 to €9.25 per hour from 1 January 2017
- From Midnight, the price of Cigarettes will increase by 50c
Interested in knowing more? We recommend the Governments own detailed analysis of the changes here