Business Budget 2018

Tuesday 17 October 2017

#HaveYourSay: We asked if you will be better off thanks to Budget 2018 and the results are in

Taoiseach Leo Varadkar on Budget day 2018.
Taoiseach Leo Varadkar on Budget day 2018.
Independent.ie Newsdesk

Independent.ie Newsdesk

Almost two-thirds of Independent.ie readers feel that Budget 2018 will not leave them better off.

The Budget introduced a mix of moderate tax changes and Social Welfare increases against revenue raising measures including a rise to commercial stamp duty and an increase in excise duty on cigarettes.

But more than 1,300 readers who responded to Independent.ie's poll said they will not be better off thanks to the measures announced today.

Some 31pc of respondents said they would be somewhat better off as a result of the budget, while a minority (4pc) said they would be significantly better off.

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Independent.ie Poll results

 

The Budget has been met with mixed reaction across the board: housing and homelessness campaigners have given it a cautious welcome, while the opposition has criticised it as a "stand still" Budget and a return to the politics of boom and bust.

We asked our readers if they feel the Budget has done enough for their back pocket:

Another hugely insulting budget for working people and taxpayers. This country is fast sliding into welfare central, at times of almost full employment is the opportune time to slash the already massive welfare budget. What do they do? Increase it even further.

Why would anyone work or take a lower paid job?

Via Facebook

 0+O=0, I don't need a calculator

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Insulting to the people of Ireland

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Many of the changes introduced by Minister Donohoe today will not come into effect immediately.  Below is a timeline for how they will be rolled out:

Cigarettes

From midnight tonight smokers will be paying more than €12 for a box of cigarettes for the first time, following a 50c hike.

Commercial Stamp Duty

A new rate of Commercial Stamp Duty will come into effect at midnight also. The rate will rise from 2pc to 6pc tonight.

However, buyers of residential land will be entitled to claim back the stamp duty, provided that development takes place within 30 months of the land being purchased.

Tax changes

Changes to two rates of USC and the widening of tax bands to raise the ceiling at which earners begin paying the higher rate of income tax is due to come into effect in January 2018.

Sugar tax

A two tier sugar tax of 30c per litre on sugary drinks with more than 8g of sugar per 100mls and 20c on drinks with between 5 and 8g of sugar per 100mls is due to be introduced in April 2018, in tandem with the UK.

Social welfare hikes

Social welfare payments are to increase by €5 per week, but recipients will have to wait until the last week of March 2018 for the changes to come into effect. The Christmas Bonus for welfare recipients will be paid at 85pc again this year.

Mortgage Interest Relief to be cut

Boom-time buyers who are benefiting from mortgage interest relief will now see that cut by 25pc this year as part of a phasing out plan.

The tax relief will be reduced by 25pc every year for the next three years.  It is expected the reduction will save the State €50m next year.

Independent.ie readers may cast one vote per device.

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