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Budget 2017: the facts you need to know

Budget 2017: the facts you need to know
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Michael Noonan

13:09: Spending increases and tax cuts of 1.3 billion euro.

13:11: After 2018 Government will set aside up to €1bn annually as a rainy day fund.

13:15: Special 9% VAT rate for the hospitality sector will remain for 2017.

13:19: Special scheme to allow farmers experiencing exceptionally poor year "step out" of income averaging.

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13:20: New loans to farmers with interest rate below 3% to improve cash flow and reduce cost of short term borrowings.

13:21: New loans to farmers with interest rate below 3% to improve cash flow and reduce cost of short term borrowings.

13:22: New income tax credit for fishermen of €1,270.

13:22: Proposed TD increase will not be implemented.

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13:23: New help to buy scheme for first time buyers 5% up to 400,000 euro - value of 20,000 for NEW homes.

13:25: Home renovation incentive scheme to be extended by two years.

13:26: Rent a room income ceiling to be increased by 2,000 euro a year to 14,000.

13:26: Interest deductability to increase from 75% to 80% in 2017 for those who let to social housing tenants.

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13:28: 5 million to cut the lower three rates each by half a percent. (new rates will be 0.5%, 2.5%, 5.0%).

13:29: Home Carer's Credit to increase by 100 euro to 1,100.

13:29 Deposit Interest Retention Tax to be cut by 2 percentage point each year for next four years - from 41% now to 33% in 2020

13:30: Deposit Interest Retention Tax to be cut by 2 percentage point each year for next four years - from 41% now to 33% in 2020

 

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13:31: Self-employed tax credit to increase by 400 euro to 950 euro (147,000 people will benefit)

13:32: CAT on inheritance or gifts from parents to children increased by 30,000 to 310,000

13:32: Restates that Ireland's 12.5% rate will not be changed

13.34: Extending relief from Vehicle Registration tax on electric vehicles for five years.

13:35: Confirms that a sugar tax will be introduced in April 2018 - consultation process to run until next January.

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13: 37: Excise on tobacco to be increased - 50 cent on a pack of cigarettes from midnight tonight.

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13:49: 1.9 billion euro increase in spending in 2017

13:50: Almost 4,500 additional front line staff - Gardaí nurses and teachers - in 2017.

13:51: Additional 28 million euro for emergency accommodation.

13:54: Increase in third level funding of 36.5 million euro

13:55: Cap on prescription charges for over 70's to be cut by 5 euro a month to 20 euro a month from March

13:57: STATE pension is to rise by €5 per week

2:00: Budget includes 290 million euro for pay increases across the public sector - under the Lansdowne Road Pay Agreement

2:05: The Christmas bonus is back for social welfare recipients. They'll get a one-off cash injection, worth 85 per cent of their usual weekly payment.

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