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#Budget2017 so far…

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Tax cuts and spending increases costing over 1.3 billion euro are being unveiled by Michael Noonan and Paschal Donohoe.

Pensioners will save 5 euro a month as prescription charges for medical card holders over 70 are cut, this is on top of the much predicted 5 euro increase in the weekly pension payment which will kick in from next March.

An increase in the Christmas bonus is also on the way which mean an extra 24 euro for pensioners.

The Jobseekers’ allowance will also rise in line with other social welfare payments by 5 euro per week.

A new childcare package to subsidise payments will be means tested and come into force in September 2017.

As predicted USC bands for all workers earning up to 70,000 euro will be cut by half a per cent, savers will see a 2% per year reduction in Dirt, from 41 for the next 4 years. and there’s to be an increase in tax credit for self employed by 400 euro

The much leaked first time buyers grant is also included. First time buyers will be entitled to a 5% grant on newly built house up to the value of 20,000 euro.

There will be a boost for those who want to earn extra money by renting out a room in their home, the tax free rental allowance under the ‘rent a room scheme’ is being increased to 14,000 euro per year.

The tax-free threshold for inheritance tax will rise to 310,000 euro where the beneficiaries of a will are children, all other categories will rise by 8%.

In the area of health, spending is to be increased by 7.4% to 14.6 billion including 15 million to tackle hospital waiting lists,  which will go to the national treatment purhase fund,

As regards the so called old reliables, a packet of 20 cigarettes will rise by 50 cent from midnight but there will be no change to alcohol, petrol or motor tax prices.

The budget also contained plans for almost 4,500 additional frontline staff – Gardai, nurses and teachers – in 2017

A team to deal with Brexit will be established in the Department of finance and a sugan tax is planned for 2018


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