Similar to last year, Budget 2024 proposed a number of once-off payments to address cost of living challenges as well as increases to recurring benefits. EXPENDITURE WELFARE AND BENEFITS Once-off payments Three credits of €150 each will be provided between the end of this year and April of next year to assist households with energy […]
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CLIMATE CHANGE TAXES Carbon Tax The rate per tonne of carbon dioxide emitted for petrol and diesel will increase from €48.50 to €56.00 from 11 October as per the trajectory set out in the Finance Act 2020. This increase will be applied to auto diesel and petrol with effect from 11 October 2023 and to
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Budget 2024 proposes some changes to VAT and Excise Duty as follows: VAT Increase in VAT Registration Thresholds The existing VAT registration thresholds are being increased. From 1st January 2024 the VAT registration thresholds will be €40,000 for services and €80,000 for goods. VAT scheme for unregistered farmers The flat-rate scheme compensates unregistered farmers on
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Budget 2024 proposed some changes to Capital Gains Tax and introduced a new Capital Gains Tax Relief. Full details are below. Capital Gains Tax (CGT)/Capital Acquisitions Tax (CAT) The current rates of 33% remain unchanged. CAT Group Thresholds The Minister confirmed that Group B threshold would be extended to include Foster Children. Retirement Relief Retirement
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BALANCING IMMEDIATE AND LONG-TERM NEEDS Ministers Michael McGrath and Paschal Donohoe presented Budget 2024 on Tuesday 10 October 2023 as one which seeks to balance immediate cost-of-living and social needs with longer-term requirements for society. The Budget contains a series of tax measures and additional expenditure to help families and businesses deal with rising costs.
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Budget 2024 did not feature a lot to benefit the agricultural community with a number of relatively minor changes as follows: Consanguinity (Stamp Duty) Relief This stamp duty relief is being extended to 31 December 2028. It reduces the rate of stamp duty applicable to intra-familial transfers of farmland from 7.5% to 1%. Accelerated Capital
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Amongst other things, Budget 2024 made some changes to the Employee Investment Incentive, how BIK will be calculated and flagged the upcoming change to Corporation. DHKN’s tax experts summarise these below. Corporation Tax Rates The current 12.5% Corporation Tax Rate remains unchanged. In the Finance Bill new provisions will be introduced to implement the 15%
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Budget 2024 made some changes to existing property-related taxes and reliefs and introduced a new temporary measure. Help To Buy (HTB) The Help to Buy Scheme is being extended for a further year until 31 December 2025. The scheme is also being amended to reflect its interaction with the Local Authority Affordable Purchase Scheme (LAAP).
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Budget 2024 made changes to tax bands, tax credits, USC and introduced or extended some personal reliefs. Tax Bands & Tax Credits There is an increase of €2,000 in the income tax standard rate band cut-off point for all earners in 2023. The increases are as follows: Single, widowed or surviving civil partner from €40,000
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By Mark Gibbs, F.C.A. The Employment Investment Incentive (EII) aims to encourage individuals to provide equity-based finance to unquoted private trading companies to create employment. EII is a tax relief incentive allowing investors who qualify (individuals not connected to the company) to deduct the cost of their investment in a company from their total income,
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