Budget 2016 Blog: Your questions answered
Published 13/10/2015 | 06:50
Join Ailish O'Hora and Frank Whelan for breaking news and views throughout the day as well as live coverage of the Budget 2016 speeches. We will also have Grant Thornton tax specialists here from 3pm to answer your personal tax/budget-related questions.
Frequently Asked Questions:
Bank Transaction Fee: The €5 stamp duty on debit cards is being abolished. It is being replaced by a 12c fee per ATM cash withdrawal (i.e. 42 cash withdrawals will cost €5) ... and this charge is capped at €5 p.a.
The charge does not apply to in-store retail purchases. It is not clear whether it applies to the cash back function in shops, but it is unlikely.
Private pension levy abolished. Does not affect public sector pension levy.
Changes to the USC start in January 2016.
The USC rates change, as expected, from 1.5% to 1% on the first 12,012 euro; from 3.5% to 3% for the next bracket from 12,012 euro to an increased level of 18,668 euro and from 7% to 5.5% for higher earners on income in excess of 18,668 euro up to 70,044 euro.
Statutory paternity leave - two weeks paid leave starting September 2016. No further details.
Early Childhood Care - Children will now be eligible for the Early Childhood Care and Education Scheme (which offers free education for pre-schoolers) from the age of three to five and half or until they begin primary school.
The only tax increase announced was the addition of 50c on a packet of cigarettes.