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Summary of Budget 2012 Taxation Changes

Posted on December 6, 2011 3 Comments

December 6th 2011  – Day Two of Budget 2012 – Taxation

These are the main points of the second day of Budget 2012

This article will be updated as the details are announced.

Income Tax – No Increases , No Changes to Tax Bands or Tax Credits

Universal Social Charge –  From January 1st the exemption level on the charge will rise from €4,004 to €10,036. No USC to be charged on people with total incomes below 10036.
Details of USC changes here

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Carbon Tax – Increased tonight to €20 per tonne on Petrol and Diesel.  (Increase of 1.5c per litre from midnight tonight ) No increase on heating oil until May 2012. No extra carbon tax on solid fuel.

Car Tax Increases – more details  – upto 54% Increases !

Mortgage Interest Relief  –  An increased rate of mortgage interest relief to 30% for First Time Buyers who took out mortgage between 2004 and 2008.
Extend 25% Mortgage Interest Relief to first-time buyers for a final 12 months up until end of 2012. (It was due to be cut in Jan 2012)

VAT Increase  from 21% to 23% and guarantee no further hikes in this rate during the lifetime of this government.

Household Charge confirmed at €100 in 2012 – more details of Household Charge here

Duty on Cigarettes – adding 25c per pack of 20 from tonight. No increases on Alcohol.

CAPITAL ACQUISITIONS TAX Increasing from 25% to 30%

CAPITAL GAINS TAX Increasing  from 25% to 30% after today

DIRT Increasing  from 27% to 30%

CAPITAL GAINS  TAX  – Property purchased from midnight tonight and end of 2013 -held for at least 7 years – is exempt from Capital Gains

STAMP DUTY for commercial property transfers to be reduced from current rate of 6% to a flat rate of 2% from midnight tonight. This  lower rate applies to all non-residential property, including farmland as well as commercial and industrial buildings

PRSI :  Remove the remaining 50% employer PRSI relief on employee pensions
Further Broaden base of PRSI to cover rental, investment and other forms of income from 2013

Categories: Budget 2012, Carbon Tax, December Budget, Fat Cats, Four Year Plan, Income Tax, Mortgage Interest Relief, PRSI, RAS, Rent to Buy, Stamp Duty, Tax Credits, Taxes, TRS, Universal Social Charge, USC, VAT, VRT

3 thoughts on “Summary of Budget 2012 Taxation Changes”

  1. Pat on December 6, 2011 at 17:34 said:

    Does the 30% relief on mortgage interest apply for the first seven years? How long should the relief for a house bought in November 2006 last assuming there is no further changes in the future?

    • John on December 6, 2011 at 20:19 said:

      I’d like to know the answer to that too. Is it still applied on a sliding scale as time progresses? Or is it just set to 30%?

    • Money Guide on December 6, 2011 at 21:43 said:

      Pat – see this post – it may answer your question ? https://www.moneyguideireland.com/mortgage-interest-relief-trs-budget-2012-changes.html

      it looks like it lasts till 2017 (from 2012) – it’s not backdated.

Comments are closed.

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