Budget 2015 Summary
Below are the highlights of Budget 2015. Further details are provided here
INCOME TAX
• The marginal rate of Income Tax is being reduced from 41% to 40% effective 1 January 2015.
• Tax Bands have been increased by 1k on tax at 20%.
• Tax Credits remain the same.
UNIVERSAL SOCIAL CHARGE:
Rates reduced from 2% to 1.5% on income up to 12k and from 4% to 3.5% on income between 12k – 17.5k.
Other changes are set out in detail on the attached.
PENSION FUND LEVY
• The 0.6%stamp duty levy on pension fund assets is to end on 31 December 2014.
• The additional 0.15%Pension Levy introduced for 2014 and 2015 will expire at the end of 2015.
WATER CHARGES: Tax relief at 20%will be provided on Water Charges, up to a maximum of Euro 500 per annum.
HOME RENOVATION SCHEME: Has been extended for landlords
CORPORATION TAX: The 12.5% Corporation Tax will remain in place.
RENT-A-ROOM RELIEF:
The threshold for exempt income under the Rent-A-Room Scheme is being increased to Euro 12,000 per annum.
ARTISTS’ EXEMPTION: The threshold for the Artists’ Exemption is being increased by Euro 10,000 to Euro 50,000.
START-UP COMPANIES: This measures provides relief from Corporation Tax on trading income (and certain Capital Gains) of new start-up companies
in the first 3 years of trading. This relief is being extended to new business start-ups in 2015.
EXCISE DUTIES
• The excise duty on a packet of cigarettes is increasing by 40c from midnight on the 14 October 2014.
• There were no other excise changes to the old reliables, e.g. alcohol, diesel, petrol, motor tax.
Below are the highlights of Budget 2015. Further details are provided here
INCOME TAX
• The marginal rate of Income Tax is being reduced from 41% to 40% effective 1 January 2015.
• Tax Bands have been increased by 1k on tax at 20%.
• Tax Credits remain the same.
UNIVERSAL SOCIAL CHARGE:
Rates reduced from 2% to 1.5% on income up to 12k and from 4% to 3.5% on income between 12k – 17.5k.
Other changes are set out in detail on the attached.
PENSION FUND LEVY
• The 0.6%stamp duty levy on pension fund assets is to end on 31 December 2014.
• The additional 0.15%Pension Levy introduced for 2014 and 2015 will expire at the end of 2015.
WATER CHARGES: Tax relief at 20%will be provided on Water Charges, up to a maximum of Euro 500 per annum.
HOME RENOVATION SCHEME: Has been extended for landlords
CORPORATION TAX: The 12.5% Corporation Tax will remain in place.
RENT-A-ROOM RELIEF:
The threshold for exempt income under the Rent-A-Room Scheme is being increased to Euro 12,000 per annum.
ARTISTS’ EXEMPTION: The threshold for the Artists’ Exemption is being increased by Euro 10,000 to Euro 50,000.
START-UP COMPANIES: This measures provides relief from Corporation Tax on trading income (and certain Capital Gains) of new start-up companies
in the first 3 years of trading. This relief is being extended to new business start-ups in 2015.
EXCISE DUTIES
• The excise duty on a packet of cigarettes is increasing by 40c from midnight on the 14 October 2014.
• There were no other excise changes to the old reliables, e.g. alcohol, diesel, petrol, motor tax.
