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Budget 2017 - Quick review

By Frances Nash, Tuesday, 11th October 2016 | 0 comments

Budget 2017 - Quick Review


Social welfare payments and the State pension are to increase by €5 per week.
The three lowest rates of the Universal Social Charge (USC) are to fall by 0.5 per cent.
The price of cigarettes increased by an extra 50c but excise on fuel and alcohol has remained the same  
First-time buyers will receive a 5 per cent PAYE rebate of up to €20,000 over four years on new homes worth up to €400,000. Buyers of homes costing between €400,000 and €600,000 will also be entitled to the €20,000, though the percentage of the purchase price this equates to will be lower
Home renovation incentive scheme has been extended by 2 years
DIRT is to be reduced from 41 per cent to 33 per cent by 2020 through an annual reduction of 2 per cent
The point at which capital acquisitions tax will apply to gifts from parents to children is being increased by €30,000 to €310,000. The point at which it is paid on gifts to other relatives (Category B) and non-relatives (Category C) is increasing by 8 per cent
The income ceiling for the rent-to-room scheme is to be increased by €2,000, meaning applicants can take in €14,000 a year tax free
The corporation tax rate would remain at 12.5 per cent
The reduced VAT rate of 9 per cent for the tourism and hospitality industry (rather than the standard rate of 13.5 per cent) is to stay in place this year
The rate of capital gains tax on qualifying asset disposals has been reduced from 20 per cent to 10 per cent, up to a limit of €1 million in chargeable gains.

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