Local News
Budget Key Points with Ken Curtin
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Total changes amount to €3.8 billion (2.2 billion spending reduction primarily in capital projects, health & social welfare. 1.6 billion in increased tax in revenue)
Business:
No change to 12.5% corporate tax (exempt for 3 years for startups)
Employers rebate for redundancies slashed from 60% to 15%
Employees:
Universal Service Charge no longer applies to income up to €10,000 this removes 330,000 people from having to pay this.
Education:
Increase of €250 in third-level registration fee
Primary-school transport charge to be doubled to €100
Pupil-teacher ratio increased from 20:1 to 21:1 in private, fee-paying schools
Capitation grants for schools reduced by 2%.
Social Welfare:
No change to basic rate of child benefit however for second and subsequent child reduced to same rate as first two kids
Cold weather allowance now only available for 26 weeks
New claimants of Disability Allowance cut to:
- €100 a week for people aged 18-21
- €144 for people aged 22-24.
For lone parents: payments cease once your child turns 7 (used be till 18) & Earning disregard reduced from €145.60 to €60
Health:
Drug Payment Scheme monthly threshold up from €120 to €132
Transport:
Carbon tax increases:
- Petrol 1.4c per litre (from midnight tonight)
- Diesel 1.6c per litre (from midnight tonight)
- Home heating oil and gas to be increased from may 2012
- No increase on coal, turf, briquettes etc
Motor Tax Annual charges significantly increased from January 1st:
• Band A up from €104 to €160
• Band B up from €156 to €225
• Band C up from €302 to €330
Property:
All primary residents except those in unfinished (ghost) estates or if in receipt of mortgage interest supplement subject to €100 annual household charge
Mortgage Interest Relief increased to:
• 30% for first-time buyers between 2004 and 2008 (height of Celtic Tiger)
• 25% for first-time buyers in 2012
• 15% for non-first time buyers
Stamp duty unchanged for residential property but down to 2% for commercial property
Minimum supplement for rent contribution increased by €6 per week
VAT & Excise:
Standard VAT rate is gone up from 21% to 23%
Besides VAT increase price of alcohol unchanged (although may go up in new year), cigarettes up 25c per pack of 20
Other taxes:
Capital Gains Tax and Capital Acquisition Tax both up from 25% to 30%
Justice:
31 Garda stations to be closed
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