Confirmed Changes in Budget 2014:
Medical Cards means test for over 70’s : The income thresholds will be reduced from €600 a week to €500 a week for a single person, and reduced from €1,200 a week to €900 a week for a couple. Less over 70’s will qualify for a medical card – but they will still get a GP visit card. More Here
Reduced Jobseekers allowance for younger people. More Details Here
One Parent Family Tax Credit no longer awarded to both parents . More details Here
Household Benefits Package – the telephone allowance will be discontinued for all recipients from 1 January 2014 . This measure will save €44 million.
Rent Allowance and Mortgage Interest Supplement – The minimum contribution for couples is being increased by €5 per week, from €35 to €40. Details Here
Maternity Benefit will be “standardised” at €230 per week for new claimants from January 2014. (currently ranges from €217.80 to €262). This will save €30 million in 2014
Illness Benefit : The number of waiting days for entitlement is being increased from 3 days to 6 days. This will save €22 million.
Increases of 10c on 20 cigarettes ; 10c On a Pint or a measure of Spirits ; 50c on 75cl bottle of wine. All from midnight tonight. Wine shops expect queues!
Deposit Interest Retention Tax (DIRT) on savings to be increased to 41% from 1st January 2014.
No increase to Petrol or Diesel or Motor Tax
No increases in income tax or the Universal Social Charge in 2014.
Corporation Tax remains at 12.5%
VAT rates unaltered
New Bank Levy to raise €150 million for the period from 2014 to 2016.
A new “Start Your Own Business” scheme for people who have been unemployed for at least 15 months – if they start their own business they get a two-year exemption from income tax. More Here
9% Lower Vat Rate to be retained on tourism related services
New 13.5% tax relief available on Home Renovations in 2014 and 2015. Available On certain expenditure over €5,000 up to a maximum of €30,000. Details Here
Exemption on capital gains tax on property purchases extended to the end of 2014.
Book Rental : Primary schools will receive €100 euro per child or €150 in the case of disadvantaged schools to allow them to establish book rental schemes.
Air Travel tax reduced to Zero from €3 per flight.
Prescription Charges rising by €1 to €2.50 per item. The cap is rising to €25 a month from €19
Mortgage Interest Supplement (Paid to people on low income) will no longer be available for new claimants from Jan 2014 and will be phased out for existing claimants.
Bereavment Grant (€850) is to be abolished. (This can currently be claimed by a relative of anyone who has paid enough PRSI )