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Budget 2024: Only The Most Imp...

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Budget 2024: Only The Most Important Bits

Tom Douglas
Tom Douglas

03:37 10 Oct 2023


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The Government's Money Ministers have wrapped up a 90 minute session announcing the Budget to the Dáil.

€5.3 billion has been committed in spending, along with €2.3 billion in the cost of living package

But what are the most important bits?

Let's take a look.

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Tax

The average worker will be about €780 euro better off after tax measures were announced.

So the point at which people begin to pay the higher rate of income tax is going up to €42,000 euro, from €40,000.

That means you'll pay €2,000 more on the lower rate, saving some money in the process.

Meanwhile the Government is cutting the Universal Social Charge.

USC, is the tax you pay on your gross income. It's there to help fund public services.

If you want the fine figure, it's going to 4%, from 4.5%.

Fuel

Three energy credits of €150 each will be provided between the end of this year and April of next year.

Government has delayed the increases in excise duty on petrol and diesel to next year.

Excise duties are indirect taxes on the sale or use of specific products, like alcohol, tobacco and energy.

However petrol and diesel will still go up... slightly.

An increase in the Carbon Tax means hikes of 2.1 and 2.5 cents respectively.

Rent

The renter’s credit - introduced last year - will be increased to €750 for 2024.

We could see that one coming, the Housing Minister indicated he was keen to see it go up, speaking earlier this year.

However parents who are paying for student children to "rent a room" will also be able to claim this payment.

Rent a room is a Government scheme which really does what it says on the tin - it allows homeowners to rent their spare room.

Housing

€7 billion has been allocated for housing.

Almost €2 billion euro to deliver 9,300 new build social homes.

€265 million to support delivery of 6,400 affordable homes in 2024.

We're still waiting for clarification on what is in store for the rest of the top figure.

Education & College

A €1,000 cut on the college contribution fee will apply to all students.

Third-level students living in digs and/or their parents will be eligible for the rental tax credit (as mentioned above!)

Student grants to increase by €300 from January.

The free school books scheme is being extended to secondary school students in first, second and third year.

Hot school meals will be extended to 900 more primary schools from August.

A cut of a third in contribution fees for people taking part in an apprenticeship.

Cigarettes

A pack of cigarettes is going up by 75 cent.

Finance Minister Michael McGrath says "this will bring the price of cigarettes in the most popular price category to €16.75."

He added it "supports public health policy, to reduce smoking levels further."

Vaping

A tax on vapes is due to be introduced in next year's budget.

It follows concerns over the environmental impact, and also the number of children using them.

Transport

Minister Paschal Donohoe announced the extension of public transport fare reductions of 20 per cent to the end of 2024.

He also revealed a change to the eligibility criteria for a young adult travel card:

"Is being extended to cover adults aged 19 to 25."

He says he'll be working with the Dept of Transport for further public transport "affordability measures" targeted at children for 2025.


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Budget Budget 2024