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Irish Budget 2015

It’s budget day here in Ireland, and the official news of any changes to taxation or public spending will start to come in from about 2.30pm onwards. And so it’s a perfect opportunity to try out the Live Blogging plugin:


 

14.34

Increased spending:

  • Capital Expenditure increased by €3.5 billion next year
  • Social Housing investment of €2.2 billion over 3 years

Also selling off Bord Gais for about €400 million.

14.29

So, the Universal Social Charge (USC) rates are changing:

  • 2% rate is being reduced to 1.5%
  • 4% rate is being reduced to 3.5%
  • New 8% rate for people on incomes over €70,000
  • New 11% rate for people on incomes over €100,000

Sadly I don’t earn enough to pay either the 8% or 11% rates!

14.20

€10 for a packet of fags!

14.19

Reduction to the Universal Social Charge as well!  Hurrah!  And increases in the Income Tax threshold (though not by much), and a 1% drop in the upper rate of Income Tax from 41% to 40%.

With all these giveaways, I’m probably now about €2 a month better off!

14.17

We’re also getting tax relief on Water Charges, which is, in effect, a tax.  Tax relief on a tax?  That doesn’t make a whole lot of sense, but if it means paying less money to the government then I’ll take it.  So basically, I won’t have to pay income tax on the Water Charges – so that will, for those who pay upper rate tax, cost about 40% less than expected.

14.12

Oh look, we’re finally getting rid of the Pension Levy.  The 0.6% tax on your supposed tax-free pension pot. Hopefully now, when I retire, my pension will be worth more than I paid into it!

Richard

Richard has been blogging since 2000 about technology, cycling, singing, and life in general. Follow him on Facebook, Twitter, and Google Plus.

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