Monday 22 October 2018

At a glance: today's main Budget measures

Minister for Public Expenditure and Reform Brendan Howlin & Minister For Finance Michael Noonan TD during the announcement of Budget 2014 / Expenditure Report 2014 at Government Buildings, Dublin. Photo: Gareth Chaney Collins
Minister for Public Expenditure and Reform Brendan Howlin & Minister For Finance Michael Noonan TD during the announcement of Budget 2014 / Expenditure Report 2014 at Government Buildings, Dublin. Photo: Gareth Chaney Collins

HERE is a listing - by category - of the main elements contained in Budget 2014:

SOCIAL WELFARE

Bereavement grant of €850 to families of dead people scrapped

OAP telephone allowance of €9.50 a month scrapped

Reduced dole payment for unemployed people under 26

Maternity benefit higher rate to be cut from €262 to €230 a week

Phasing out of mortgage interest supplement for new applicants

Winding down of mortgage interest supplement over four years

Increase contribution to rent and mortgage interest supplement by €5 per week

Technical changes to the invalidity pension

Clawback from insurance companies on compensation payments

Rent Supplement minimum contribution to be increased

Child benefit for third and subsequent child down €10, as announced

Mortgage Interest Relief to be phased out

RTE subsidy for OAP TV licences to be reduced by €5m from €59m to €54m

Medical insurance relief capped at €1,000

Normal dole payment safe

Pension safe

Free Travel safe

Half rate carers allowance safe

Respite Care grant safe

 

 

HEALTH

Review of all medical cards to save €113m

35,000 over 70s to go from medical card to GP only card

Income thresholds on medical cards for over 70s also to be tightened

GP only medical card for all children under 5

Prescription charges to go up by €1

Cuts to hospital services

Cost of a public bed in a private hospital to go up

 

EDUCATION

€25m cut to funding for colleges

Ending double payments in training schemes, where participants get two benefits

College registration fees to go up by €250, as announced

1,400 new teachers to be hired next year

New book rental scheme

Pupil-Teacher-Ratio safe

Private schools subsidy safe

 

 

OLD RELIABLES

Wine to go up by 50c from midnight

Pint, spirits to go up by 10c from midnight

Packet of 20 cigarettes to go up by 10c from midnight

Related hikes for other tobacco products

No newexcise duty on petrol and diesel

 

 

TAXES

DIRT tax on savings to go up from 33% to 41%

Old reliables on alcohol, cigarettes and petrol expected to go up

Property tax to double next year, as announced

Pension tax relief for high earners to be capped at €65,000, as announced

No change to income tax bands, rates and credits

No change to 12.5% rate of corporation tax

 

 

CORPORATION TAX

Crackdown on tax avoidance by multinationals

New rule all FDI companies must pay tax somewhere

 

BANKING

€200m levy on all banks in the State

Tax changes for pillar banks

Appeals to Credit Review Office widened

 

CONSTRUCTION

Tax break for homeowners hiring registered builders for home improvements

VAT back on home improvements costing between €5,000 and €30,000

Home Renovation Incentive of up to €4,050 for renovation and maintenance

Living City Allowance extended to all properties built before 1914

NAMA to make €2bn available for development and renovation of buildings

 

 

JOBS

Special low tourism VAT rate to stay at 9%

€200m stimulus plan for capital projects

Illness benefit claim to be extended out to the first six days

€50,000 grant for best start up companies for young entrepreneurs under 25

Local Enterprise Office fund up from €15m to €18.5m

Incentives for domestic companies to take up Research and Development tax credits

Tax changes for SMEs

50,000 jobs to be created next year

 

TRANSPORT

Airport charges to be scrapped for certain airports

Subsidy for CIE to be cut by €16m

 

AGRICULTURE

Farmers incentive to lease farmland to younger farmers when they have no children

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