Capture

On 14th October 2014, Michael Noonan delivered his 2015 Budget and just over a week later, the Finance Bill 2014 was published. Obviously there have been some changes and there is a lot to digest for individuals around some of the more complicated aspects that people struggle to get their heads around AMRF’s and personal Fund thresholds. Today we are going to have a look at some of the most basic changes that are going to apply to most individuals;

Income Tax Rate:

  • An increase in the standard rate band of income tax by €1,000.
  • From €32,800 to €33,800 for single individuals and
  • From €41,800 to €42,800 for married one earner couples
  • A reduction in the higher rate of income tax from 41% to 40%.

Universal Social Charge (USC)

  • USC entry point for 2015 will increase by approx. €2,000. This has the following effect:
  • Incomes of €12,012 or less are exempt from USC.

The minister has left the exit tax and DIRT at 41% unaltered. This applies to deposits and life assurance & investment funds. The corporate exit tax rate remains at 25% and the CAT holds as its 33% level.

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone