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Budget 2018 - Key Points

Discussion in 'Budget 2018' started by Superhans, Oct 10, 2017.

  1. Superhans

    Superhans Site Admin Staff Member Site Admin Donator Battle Royale

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    Projected deficit for this year is 0.3% of GDP. The forecast deficit for 2018 will be 0.2% of GDP.

    Rainy Day Fund to be established in the coming year, with at least €1.5bn to be transferred to it from the Ireland Strategic Investment Fund.

    There will be €1.83 billion for housing, with 3,800 new social houses built by local authorities and approved housing bodies.

    The Housing Assistance Payment Scheme will increase to €149m. Funding for homeless services will increase by €18m to more than €116m.

    4,000 extra social housing units to be delivered next year.

    Commitment to accelerate the delivery of social housing from 2019.

    Extra €500m for direct building programme to see 3,000 additional new build social houses by 2021.

    Additional €75m of funding for second phase of Local Infrastructure Housing Activation Fund.
    €750m to be made available for commercial investment in housing finance.

    The level on stamp duty on commercial property transactions will rise from 2% to 6% from midnight.

    The vacant site levy will double from 3% in the first year to 7% in second and subsequent years.

    Reduction in seven-year period for owners to enjoy full relief from Capital Gains Tax to four years.
    Increase of €685m in allocation to the Department of Health, brings total funding to almost €15.3bn next year.

    Health allocation includes additional 1,800 staff in frontline services across acute, mental health, disability, primary and community care sectors.

    There will be a reduction in prescription charges for all medical card holders under 70 from €2.50 to €2 per item.

    The monthly cap drops from €25 to €20, with the threshold for the Drugs Payment Scheme dropping from €144 to €134.

    The excise duty on a packet of 20 cigarettes will rise by 50 cents.

    Sugar tax from April 2018: 30 cent per litre of tax on drinks with over 8g of sugar per 100ml. Reduced rate of 20 cent per litre on drinks with between 5g and 8g of sugar per 100ml.

    There will be an additional 1,300 teaching posts next year to reduce the primary pupil teacher ratio to 26:1.

    There will be €1.7 billion invested in special education, with more than 1,000 new Special Needs Assistants being recruited before September 2018.

    Additional 800 gardaí to be recruited during 2018. Another 500 civilians to be hired also.

    Brexit Loan Scheme announced to assist SMEs.

    The VAT rate on the tourism and services sector will remain.

    There will be €17 million for the Renewal Heat Incentive and to incentivise an increase in electric vehicles. There will also be a 0% Benefit-in-Kind rate for electric vehicles alongside the VRT relief and SEAI grant.

    €13 million increase in the Overseas Development Aid budget.

    From last week of March, €5 per week increase in all weekly social welfare payments, including disability allowance, carer’s allowance, Jobseekers’ Allowance and State pension.

    Christmas bonus payment of 85% to be paid to all social welfare recipients in 2017.

    €20 increase in the earnings disregard for the One Parent Family Paymentand Jobseekers’ Transitional scheme.

    The threshold for the Family Income Supplement will rise by €10 per week for families with three children. €2 per week rise in the rate of the qualified child payment.

    There will be a €2.50 increase in the Telephone Support Allowance for those receiving the Living Alone and Fuel allowances.

    Point at which income earner attracts higher rate of income tax to rise next year by €750 per annum.
    Entry point for single earners to increase from €33,800 to €34,550.


    Targeted changes to USC to reduce rates but do not narrow the USC tax base.
    Entry point to USC to remain at €13,000.

    2.5% USC rate to be reduced to 2% with the ceiling for the new rate increased from €18,772 to €19,372.
    5% USC rate reduced to 4.75%.

    The home carer credit will rise by €100 to €1,200.

    A working group will be set up over the coming year to plan the amalgamation of the USC and PRSI over the medium term.

    https://www.rte.ie/news/budget-2018/2017/1010/911184-at-a-glance-key-points/