Budget 2024 - Summary

This document outlines the main changes in various sectors including taxation, cost of living supports, energy costs, social welfare, health, housing, education, employment, and more. It is important to note that this summary offers an overview and may not cover every measure announced in Budget 2024. Below are the key highlights from the announcement and how they may impact you:? ?

Tax:?

• Universal Social Charge reduced from 4.5% to 4% for the first time in five years.?
• The top tax rate threshold increased to €42,000.?
• The entry threshold for the 4% USC rate was raised to €25,760.?
• The national minimum wage was raised to €12.70 per hour.?
• Various tax credits increased by €100 each.?
• PRSI contribution rates are to rise by 0.1% from 1 October next year.?

Cost of Living:?

• Extension of reduced VAT rate for gas and electricity for another year.?
• Energy credits of €150 are provided to households in three instalments.?

• €300 lump sum payment for Fuel Allowance recipients in the last quarter of the year.? ?

Mortgage Interest Relief:?

• Introduction of a one-year Mortgage Interest Tax Relief for homeowners with outstanding balances between €80,000 and €500,000.?

Housing and Renters:?

• Extension of Help-to-Buy scheme to end of 2025.?
• Rent Tax Credit increased from €500 to €750 annually.?
• Parents supporting student children in certain accommodations can now claim the Rent Tax Credit retroactively.?

Public Transport:?

• Extension of 20% cut to public transport fares for adults.?

Social Welfare:?

• Weekly social protection payments increased by €12.?
• Increased Qualified Child Increase for different age groups.?
• Additional payments for specific allowances.?

Education:?

• Free school books for students in the first three years of secondary school.?
• Reduced college fees for families with income below €100,000.?

Children:?

• Increased tax credits and additional Child Benefit payments.

Climate:?

• Establishment of a new Infrastructure, Climate, and Nature Fund.?
• Various measures to promote renewable energy and reduce carbon emissions.

Justice and Defence:?

• Allocations for recruitment and funding in the justice and defence sectors.?

Healthcare:??

• Allocation of €22.5bn for the public health system, with increased funding for specific areas.?

Additional Details:?

• Benefits for employees with electric company vehicles.?
• Extension of VRT relief for battery electric vehicles.?
• No increase in the cost of a pint or bottle of wine.?
• A packet of cigarettes to increase by 75 cents.?

This Budget reflects a balanced approach to address economic and social needs. It allocates resources for critical areas like health, education, housing, and climate while providing tax relief and support for individuals and families. The Budget 2024 aims to stimulate economic growth and address pressing societal issues.?

If you have any questions, please don't hesitate to reach out to me on LinkedIn: Elaine Liston

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