Increase To Rent Tax Credit And Cuts To Childcare Announced In Budget

Among Michael McGrath’s much-anticipated announcements is a cut in the Universal Social Charge, increases to the renter’s tax credit, and more winter energy credits.

Unveiling Budget 2024, Minister Michael McGrath said he’s acutely aware that many household budgets are stretched at the moment.In light of continued high inflation, a cost of living package worth €2.7bn has been announced, along with an income tax package worth €1.3bn. There will be a futher 25% reduction in childcare costs for parents to be implemented from September 2024.

That will see the higher rate of income tax will increase to 42,000 and personal employee PAYE and earned income tax credits go up by €100.While small landlords will benefit from a temporary tax relief scheme - rental income of €3,000 will be disregarded at standard rates in 2024, €4,000 in 2025, and €5,000 in 2026 and 2027.The 4.5% rate will fall to 4%, with the entry rate into the third point of USC being raised to €25,760.

A pack of cigarettes will soon cost you €16.75, up from €16 at the moment - with Minister McGrath adding that a domestic tax on e-cigarettes will be introduced in next year’s budget.

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