ieExplains: Here's everything you need to know about the budget
Carrigaline, Cork, Ireland. 10th October, 2023. Batt Bluett, 89 enjoying a quite pint of stout at the Stables Bar, Carrigaline, Co. Cork while listening to his local TD and Minister for Finance, Michael McGrath TD deliver his budget speech. in the Dáil. - Picture: David Creedon
Budget 2024 provided few surprises but there was some good news for many.
Finance Minister Michael McGrath announced a package of once-off cost-of-living measures worth €2.7bn.
The budget amounted to around €14bn with reliefs for renters and landlords while an additional three energy credits were announced for every household.
Here's what you need to know from Tuesday's budget announcement.
- Three €150 energy credits for every household — due to be received between this year and next.
- Fuel allowance recipients receive winter lump sum of €300
- Living alone allowance recipients to get €200 winter lump sum
- Categories including disability allowance, carer's support to get €400 winter lump sum
- Those getting the working family payment to get €400 before Christmas
- Double week pay of all weekly welfare schemes in January
- Once-off double foster care allowance this year
- Rent tax credit increased to €750 per year — up from €500 last year
- Rental income for small landlords taxed at standard rate up to €3,000 in 2024, €4,000 in 2025, €5,000 for 2026-27
- One-year mortgage relief scheme for homeowners with repayments outstanding between €80,000 and €500,000
- Help To Buy extended to 2025
- Minimum wage increased to €12.70
- Weekly payments for working age recipients and pension payment increased by €12
- An increase in the income disregard for Carer’s Allowance to €450 for a single person and to €900 for a couple;
- Double payment of Child Benefit before Christmas
- An increase in the weekly rate of the qualified child by €4 per week;
- Extensions of Parent’s Benefit from 7 to 9 weeks;
- The extension of child benefit in respect of children aged 18 in full-time education
- €54 per week increase in the Working Family Payment threshold
- Employee PAYE and earned income tax credits increased by €100 each
- USC rate cut to 4% — from 4.5%
- Packet of 20 cigarettes up by 75c — bringing the price of cigarettes in the most popular category to €16.75.
- Tax on vaping products to be introduced in Budget 2025
- Standard rate of income tax cut off point to be increased by €2,000 bringing entry to the higher rate of income tax up to €42,000.
- Restoration of 8c on petrol and 6c on diesel deferred to April 24 and August 1
- €7.50 increase on the current rate of Carbon Tax applied per tonne of carbon dioxide emission
- 25% reduction in weekly childcare fees from September 2024
- Qualified Child increased to €46 for under-12s and €54 for over-12s
- Free books scheme extended to all Junior Cycle pupils
- Hot school meals extended to 900 primary schools by April 2024
- One-off reduction in student contribution fee by €1,000 for free fees students
- One-off 33% reduction for contribution fee for higher education apprentices
- Postgraduate Fee Contribution Grant increased to €5,000
