budget 2024

Budget 2024: Here are the main points you need to know

The Government has confirmed a range of measures.

BUDGET 2024, WITH measures totalling around €6.5 billion, has been announced in the Dáil. 

Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe have finished their speeches, with reaction to the newly announced measures beginning to roll in. 

You can find everything you need to know about Budget 2024 below:

  • Income Tax Package: The standard rate band will increase by €2,000 to €42,000 
  • The 4.5% rate of USC will be reduced to 4%
  • The entry threshold to the USC rate will increase from €22,920 to €25,760. A single person earning €46,000 in 2024 will see an increase of €2,000 in their net income as a result of cumulative income tax changes and USC changes since 2021, Minister McGrath said
  • A tax credit of €750 for tenants who are paying rent in respect of their principal private residence. Parents who pay for their student children to have tenancies in “rent a room” accommodation will also be able to claim the Rent Tax Credit.
  • Personal Tax Credit, Employee Credit and Earned Income Credit will increase by €100 each
  • The Home Carer Credit and the Single Person Child Carer Credit will increase by €100 each
  • An increase of €12 to those in receipt of weekly Social Protection payments
  • A once-off double Child Benefit payment to be paid before Christmas, while Child Benefit will be extended to 18-year-olds in full-time education
  • The National Minimum Wage will increase by €1.40 per hour to €12.70 per hour from 1 January 2024
  • Three domestic universal €150 energy credits totalling €450 between the end of this year and April 2024
  • Excise on a pack of 20 cigarettes will increase by 75 cent from midnight, with a pro rata increase on other tobacco products
  • A tax on vaping products will be introduced next year in Budget 2025
  • A one-year Mortgage Interest Tax relief, capped at €1,250 per property, will be introduced for homeowners with an outstanding mortgage balance on their primary dwelling of between €80,000 and €500,000 as of 31 December 2022
  • A temporary tax relief for landlords will be introduced 
  • An extension of the 9% VAT rate on the supply of gas and electricity for a further 12 months
  • The registration threshold for businesses paying VAT will increase from €37,500 for services and €75,000 for goods to €40,000 for services and €80,000 for goods, respectively
  • A €300 lump sum payment for Fuel Allowance recipients to be paid before Christmas
  • An additional €200 for Living Alone Allowance recipients to be paid this year
  • A once-off double Foster Care allowance to be paid this year
  • The Qualified Child Increase will increase by €4 to €46 per week for under 12-year-olds, and to €54 per week for over 12-year-olds
  • The Hot School Meals Programme will be extended to an additional 900 primary schools in April 2024
  • The Free School Books Scheme will be extended to all junior cycle pupils in post-primary schools within the Free Education Scheme from September 2024
  • The fee reduction on school transport services was extended for a further year
  • The fee waiver for students sitting state exams was extended for a further year
  • Increases in excise to petrol and diesel are to be postponed until next year
  • The Parent’s Benefit will be extended to nine weeks from August 2024
  • The monthly Domiciliary Care Allowance will increase by €10 to €340 per month
  • A once-off double week Cost of Living Support payment will be paid to all qualifying Social Protection recipients in January
  • A €400 Working Family Payment will be paid later this year
  • A once-off payment of €400 will be paid to those in receipt of the Carers Support Grant, Disability AllowanceBlind Pension, Invalidity Pension and the Domiciliary Care Allowance before Christmas
  • The Christmas Bonus for those in receipt of Social Welfare payments will be paid before Christmas
  • An average of 25% reduction in weekly childcare fees from September 2024 onwards
  • The Young Adult Leap Card will be extended to cover adults aged 19-25
  • A once-off reduction of the student contribution fee by €1,000 for free fees students will be introduced
  • A once-off reduction of 33% in the contribution fee for apprentices in higher education
  • A €1,000 increase to the Postgraduate Fee Contribution Grant from €4,000 to €5,000
  • Funding for recruitment of up to 1,000 Gardaí and up to 250 Garda civilian staff next year
  • Training allowance for Garda recruits will increase from €184 to €305
  • VRT relief for battery electric vehicles will be extended to the end of December 2025

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