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2020 Budget Briefs

Budget 2020.... The Main Points:



Minister for Finance Paschal Donohoe has delivered a cautious and conservative budget for 2020. Sighting the effects of the UK leaving the European Union and the uncertain outcome of their withdrawal as the main reasons for this cautious approach in the 2020 budget

What do these budgetary measures mean for you, your business and Ireland?

Read More...
Follow Links Below
Follow this link to budget 2020
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Comments by the
Tax Institute 

By Christine Walsh
Budget 2020 Briefs:
  • €1.2bn package to cope with a no-deal Brexit.
  • Carbon tax to rise by €6, from €20 per tonne to €26, meaning petrol and diesel will increase from midnight tonight.
  • The threshold for medical card income for people over the age of 70 will increase by €50 for one person or €150 for a couple.
  • Prescription charges for over-70s cut by 50c, to €1.
  • Free dental care for under sixes and free GP care for under eights, delayed to September 2020.
  • Cap on a family’s monthly drugs payment scheme reduced by €10, to €114.
  • The help-to-buy scheme will be extended until 2021.
  • €1.1bn will support the building of 11,000 social houses in 2020, and a further 12,000 will be built in 2021.
  • The price of a packet of 20 cigarettes is to go up by 50c from midnight.
  • Carbon tax increase of €6, rising from €20 per tonne to €26. The increase will apply to petrol from midnight tonight, but other fuels will be delayed until May 2020 after the winter-heating season.
  • Current spending on health will increase by 6.3% to €17.4bn next year.
  • The Government is to spend another €25m on the national treatment purchase fund to help reduce waiting lists.
  • Prescription charges are to be reduced by 50c.
  • The monthly threshold for the drug payment scheme is being reduced by €10 a month, to €114.
  • The threshold for medical card income for people over the age of 70 will increase by €50 (to €550) for one person or €150 (to €1,050) for a couple. This will benefit up to 56,000 people.
  • Free GP care is to be expanded to children under the age of 8 and free dental care to children under the age of 6
  • The rate of stamp duty applicable to non-residential property will increase 1.5% at midnight, from 6% to 7.5%.
  • The Living Alone allowance will increase by €5, while the one parent family payment will go up by €15.
  • There will be an increase in the qualified child payment by a further €3 for over 12s and €2 for under 12s.
  • The fuel allowance will increase by €2 a week. + €13m will be provided for the warmer homes scheme to mitigate the effect of the carbon tax on those experiencing fuel poverty.
  • The price of a packet of 20 cigarettes is to go up by 50c from midnight.
  • The 1% diesel surcharge will be replaced by a nitrogen oxide emissions-based charge. It will apply to all new cars registered from January 1, 2020.
  • Benefit in Kind (BIK) to have environmental rationale for commercial vehicles from 2023
  • Extend BIK zero rate on electric cars to 2022 + Extend VRT relief on hybrids to 2020
  • Diesel rebate scheme for hauliers to compensate for fuel cost increases.
  • Taxation there will be no across the board tax cuts.
  • An increase in home carer tax credit of €100, bringing the value up to €1,600.
  • For the self-employed, an increase in earned income credit by €150, to bring the value to €1,500.
  • There will be an increase to the dividend withholding tax from 20% to 25% from January 1, 2020.
  • The banking levy will increase from 59% to 170%.
  • The tax-free threshold for inheritance tax was raised by €15,000 to €335,000.
 
Disclaimer, all Information placed on this website is subject to change without notice, much of which is out of our control. All content placed is for information and guidance purposes only, therefore onus is on the reader to ensure they have the most recent and up to date information.
   Kinsella Mitchell & Associates Tel: 01 8685944                                                                                                                                                    
  • Home
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