Measures for the next financial year were announced in the Dail this afternoon by the Coalition - but how many of these facts and figures affect you?
Here are the main points of Budget 2015 to impact families:
Income tax
- Income tax relief introduced on water charges worth up to €100 per year per household.
- Income tax relief available at the Standard Rate in respect of water charges up to a maximum of €500 per household per year.
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Top rate of income tax reduced from 41% to 40%.
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Income tax standard rate band increased to €33,800 for single individuals
Universal Social Charge
- Entry point to USC increased to €12,000.
- USC reduced from 2% to 1.5% and 4% to 3.5%. New 8% and 11% rates introduced.
- Top 1% of income earners now paying 21% of all income tax, with new USC rate for incomes over €70,000 and €100,000
Property
- The Home Renovation Incentive extended to include rental properties whose owners pay income tax.
- First-time buyers to get a DIRT refund on savings used to purchase homes (up to 20%) up until the end of 2017.
Consumer taxes
- Price of cigarettes to increase by 40c a pack from midnight tonight.
- Extra 20c per 25g of rolling tobacco.
- No change to taxes on alcohol.
- No tax increase for petrol, diesel, motor tax or VRT.
Social welfare
- Extra €10million to be provided for accommodation and related services for the homeless.
- €12million allocated to JobPath initiative in 2015, which will match long-term unemployed with appropriate training & opportunities.
- No cuts to social welfare schemes.
- 25% Christmas bonus to be introduced in 2015.
- Increase in Child Benefit of €5 per child in 2015 and a further €5 per child in 2016 if resources allow.
- Families can retain full Qualified Child Increase of €29.80 per week, per child for first year of returning to work and 50% for 2nd year.
- Household benefits package will be increased by €100 to alleviate water charges cos and water subsidy will be extended to all on fuel allowance schemes who don't get household benefits package.
Health, education and social services
- €3bn allocated to older people and disabled services in 2015.
- €8.3bn allocated to Education.No decrease in teacher or special needs assistant numbers; in fact, 1,700 additional full time teachers and SNA's will be recruited.
- €975m to be allocated to support the new Child and Family Agency, TUSLA.
- Living Alone Allowance rate increased to €9 per week, benefiting almost 180,000 elderly people from January 2015
For specific family case studies see:
