Latest news and blog » Budget 2015 2016-10-22

The main details of this year's Budget include:-

1. Income Tax

A new earned income credit of €550 is being introduced for taxpayers earning self-employed trading or professional income in certain cases and to business owner/managers who are ineligible for a PAYE credit on their salary income.

2. Universal Social Charge (USC)

Incomes of €13,000 or less will be exempt from USC in 2016.

3. Capital Acquisitions Tax

The Group A tax-free threshold, which appies to gifts and inheritances from parents to their children, is being increased from €225,000 to €280,000.

4. Housing

The Home Renovation Incentive is being extended to 31 December 2016.

Rent Tax Relief will continue to be reduced.

5. Employment

Mininimum wage increase.

Statutory paternity leave of 2 weeks to be introduced.

6. Businesses

Extension of 3 year corporation tax relief for start-up companies

Earned income credit of €550 to be introduced for taxpayers earning self-employed trading or professional income and for business owners or managers who are ineligible for a PAYE credit on their salary income.

Revised CGT entrepreneur's relief

Employment and investment incentive (EII)

7. Farming

General stock relief, Stock relief for young trained farmers, stamp duty exemption for young trained farmers being extended.