Budget 2011 – Main Points

The main points of the 2011 Budget announced on December 7th
This will be updated as details are announced..

No State Pension Cuts (It will be frozen in 2011)

Average 4% Reduction in All Welfare benefits – see 2011 Rates Here

€10 Euro in Child Benefit for 1st and 2nd Child. €20 Cut in Child Benefit for 3rd child, €10 Cut for 4th and all subsequent children. More Details Here

Taioseach Pay Cut of €14000 to €214,000 (about 6%)
Tánaiste  salary will be reduced by €11,000, from €208,000 to €197,000 (5%)
Ministers  Pay cut of €10,000  to €181,000.  (5.2%)
TDs- no pay cut
still €92,672  0%

DIRT to rise from 25% to 27%

Stamp Duty to be cut to  1% on property up to €1million and 2% on property over €1million.  All exemptions to be removed (i.e First Time Buyers)

PRSI Rises

Air Travel Tax to be cut from €10  to €3 (€2 rate is rising to €3)

Excise Duty on Petrol to Rise – meaning 4c a litre increase and 2c a litre on deisel from 8th December 2010

Car scrappage scheme extended to June 2011 but max amount reduced by 250 to €1,250.

Online Betting Tax 1% to be introduced

No change to 12.5% Corporation Tax

Income Tax Credits Cut – see details here
Income Tax Bands reduced – see Tax Bands Here

Health Levy and Income Levy to be abolished and replaced by a new Universal Social Charge More Details Here  USC

Public sector pensions above €12,000 per year will be cut by an average of 4% – see full details of Public Sector Pension Cuts here .