BUDGET SUMMARY

Income Tax

Tax credits

• Single person Tax credit +€75 to €1,775
• Married/civil partnership +€150 to €3,550
• Employee/Earned income tax credit +€75 to €1,775
• Home carer Tax Credit +€100 to €1,700

Tax rates and tax bands

• Top rate of 40% will only apply to income above €40,000 effective 01/01/23

USC

• 2% USC rate band to increase to €22,920

Minimum wage

• Increase from €10 50 to €11.30 effective 01/01/23

Social / Cost of Living Package

• €12 weekly increase to social welfare payments
• Three €200 electricity payments for each household (first before Christmas)
• Double child benefit to be paid in November ’22
• Once off double week “Cost of Living Support” payment to Social Welfare recipients in October ’22
• €400 Lump sum for those eligible for fuel allowance
• Working family additional payment of €500 to be paid in November ’22
• Carers once off €500 payment
• Childcare fees ↓ (up to) 25%
• Childcare workers better conditions

Other Budget 2023 Statement,

Business

• Energy support (T BESS) Support up to a max of €10,000 per month based on 40% of increase of energy costs
• Knowledge Development Box regime to be extended for a further 4 years
• R & D changes to payment mechanism.
• Film tax credit to be extended to Dec 2028
• Increase to €1,000 for tax free payment voucher for workers
• KEEP share scheme will be enhanced and extended to the end of 2025
• SARP extended to 2025 and de-minimus increased to €100k

Housing

• €6.2bn for Dept of Housing, including €3.5m capital build
• €500 rent tax credit aimed at those who get no other housing supports (effective 2022).
• Living City Scheme extended
• Current €5,000 limit landlords can claim on prelettling expenses to increase to €10,000
• Help to buy scheme extended to end of 2024
• Vacant home tax to be introduced.
• Residential development stamp duty refund scheme to be extended to 31 December 2025.
• A levy on concrete blocks, pouring concrete and other concrete products raising €80 million annually from April 3rd next year at a rate of 10 per cent.

Agriculture

• 5 agricultural tax reliefs will be extended for young trade farmers, farm restructuring and stock reliefs. Term of their extension remains to be disclosed. There will be a time-limited scheme for accelerated capital allowances for the construction of modern slurry storage facilities.
•  New € 10m Tillage Incentive Scheme. Farmers will also be part of the energy price support scheme promised to support businesses, with payments likely to be based on their energy usage.
• Funding has been secured for 30,000 places in an Agri-climate Rural Environmental Scheme for 2023, and there will also be extra funding for farm modernisation supports through the TAMS programme, forestry and organics as well as the new and enhanced sucker and sheep supports.