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When are the Budget changes kicking in?

Midnight tonight, or January 2015? Here are the latest details as we have them.

NOW THAT WE know what we can expect from Budget 2015, the next thing to find out is when we can expect the changes to kick in.

“Today is about looking forward,” Minister for Finance Michael Noonan said.

Here’s what we can expect from the months to come:

Midnight tonight

  • First-time buyers will receive a refund of DIRT (Deposit Interest Retention Tax) on their savings, worth up to 20% of the purchase price, until end of 2017.
  • Cigarettes will be hit with a 40 cent increase, bringing them to €10
  • Roll-your-own tobacco will increase by 20c
  • Three-year corporation tax relief extended for start-ups

December 2014

  • 25% Christmas bonus for Social Welfare recipients
  • Removing capital gains tax relief by the end of 2014 on purchase of property
  • 0.6% pension levy will be abolished by end of 2014

1 January 2015

2015

  • Tax breaks for farmers and assistance for farmers who receive income from another job to supplement income
  • €55.5m to be spent on tackling homelessness.
  • New back to work family dividend introduced to allow families to hold on to qualified child increases for 12 months after getting back to work (reduced by 50% in the second year).
  • From September 2015, there will be more than 1,700 new teachers.
  • The new Irish film tax credit scheme will commence
  • The Living City initiative will be rolled out in full in early 2015.

From 2015 – 2017

  • The Home Renovation Scheme has been extended to include those in the rental market, applying to work done by the end of 2015.
  • 2,500 additional housing units will be provided in 2015 and 6,700 by 2017.
  • People paying water bills will receive income tax relief to a maximum of up to €100 a year – that can be claimed in 2016.
  • €2.2 billion will be put into social housing provision over the next three years.
  • Capital spending will also increase in 2016 and 2017.
  • €300m from the Public Private Partnerships into social housing units by 2017
  • The additional 0.15% Pension Levy for 2014 and 2015 will expire at the end of 2015
  • Possibility of another €5 increase in Child Benefit in 2016.
  • The Department of Arts, Heritage and the Gaeltacht will have more money to spend in 2016 – a significant year given the centenary of the 1916 Rising.

Read: They said they’d be cutting taxes…and they have>

Read: Follow all our Budget coverage here>

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