tiptrot.com July 17, 2018

Budget 2018 - What You Need To Know

11 October 2017, 12:12 | Susie Olson

Paschal Donohoe the finance minister was in budget negotiations with his Fianna Fáil counterparts yesterday Clodagh Kilcoyne Reuters

Paschal Donohoe the finance minister was in budget negotiations with his Fianna Fáil counterparts yesterday

500 million euro will go into the Direct Build Program with 3000 new social houses by 2021.

Commercial Stamp duty is tripling from 2% to 6% from midnight tonight.

There will be a 3% levy for the 1st year of vacant site to more than double to 7%.

The student teacher ration is to be reduced to 26:1.

Hemmed in by European Union borrowing rules, Donohoe will need to raise revenue elsewhere if he is to boost the budget package from the mere 350 million euros available to the 900 million to 1 billion euros local media say he is targeting.

An additional 500 civilians are also to be hired into the force.

The Department of Health's allocation includes an additional 1,800 in frontline staff across mental health, acute, disability, primary and community care services.

A reduction in prescription charges for those under 70 years from 2.50 to 2 per item.

The Housing Assistance Payment Scheme will increase to €149m.

Health expenditure to increase by €685m, bringing next year's total to just under €15.3bn.

Some social welfare payments are expected to rise by €5 per week, including the State Pension and Lone Parents Allowance. Social welfare recipients will also receive a bonus payment of 85% this Christmas.

There will be a €2.50 increase in the Telephone Support Allowance for those receiving the Living Alone and Fuel allowances.

The threshold for entry to the higher rate of income tax is to rise by 750 euro from €33,800 to €34,550. Cut off point for new rate increased from €18,772 to €19,372.

Targeted changes to Universal Social Charge to reduce rates but does not narrow the USC tax base.

The 5% USC rate will be lowered to 4.75%.

A working group will be set up over the coming year to plan the amalgamation of the USC and PRSI over the medium term.

147,000 self-employed people are to see their Earned Income Credit raised by €200 to €1,150 in 2018.

Mortgage interest relief will be cut next year in a move that will affect about 300,000 homeowners.

The Sugar Tax has now been announced.

Drinks containing between 5g and 8g of sugar per 100ml will have a reduced tax of 20c per litre.

There will now be a 30 cent tax on a litre of fizzy drinks with 8g of sugar per 100ml, and there'll be a 20 cent tax on a litre of fizzy drinks with between 5 and 8g per 100ml.

€13 million increase in the Overseas Development Aid budget.

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