Budget 2017 – A brief guide

What we know so far:
The Budget will allow for 1000 new nurse positions, 800 Gardai and an extra 10 Million for Homecare costs and grants.

In terms of Social Welfare:
We are looking at an 85% restoration of the Christmas bonus.

The One Parent Family Payment:
If you are in receipt of this the threshold has now been increased to €110 per week, whereas in the past it was €90 per week.

Old Age Pension:
A €5 increase to the OAP should be implemented in March 2017.

5% refund for 1st-time buyers of new homes, valued up to €400,000

USC rates:
All dropped by a half Percent.
People on minimum wage will remain outside the tax bracket.

Rent a room scheme:
Homeowners can rent out rooms and earn up to €14, 000 per year with it being taxed.

Corporation tax:
Unchanged.. remains at 12.5%

Inheritance tax:
Inheritance threshold from parents to children increased to €310, 000

Sugar Tax:
There will be sugar tax implemented, however, this will take some time. Deputy Noonan stated that Ireland will be bringing in this new tax in line with the UK. There is an aim of reaching this tax implementation by April 2018, In the mean time there will be strategy and policy groups in place to plan implementation.

In increase of €0.50 cent per box of 20. Tobacco prices will increase also.

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