Budget 2024 Live Blog RECAP: Everything YOU need to know!

Want to know what Budget 2024 will mean for you?

Budget day is here and we’ll be feeding you up-to-the-minute updates on the facts & figures that matter most to you.

You can read up on the 2023 budget to see what changes have been made to the 2024 budget.

The beat panel of experts put out their predictions for the 2024 budget and what to expect.

Beat has a run down of the biggest takeaways from the 2024 Budget hearing. The total budget package is €14 billion

Below is a summary of all the adjustments in the budget 2024:

Housing

• Renters tax credit increasing to €750 - minimum wage up €1.40 to €12.70
• Three energy credits of €150 between end of this year & April next year - price of a packet of cigarettes to increase by 75 cent, to €16.75
• Cost of living package worth €2.7 billion
• Temporary tax relief for small landlords will be introduced to help keep rental properties in the market
• This relief can be claimed from 2024 to 2028, but a landlord’s property must remain in the market until 2028
• Tax relief for mortgage holders will be introduced. It is available on the increase mortgage interest paid for 2023 on a principal dwelling

Employment

• Personal employee PAYE and earned income tax credits to increase by €100 -
• Income tax - higher rate of increase up by €2000 to €42,000
• The minimum wage will increase to €12.70 per hour

TAX and VAT

• The 9 per cent VAT rate for gas and electricity will be extended for 12 months
• The ceiling for the lower 2 per cent rate of Universal Social Charge will go up by €2,840, meaning it will apply on earnings up to €25,760
• The higher rate of USC applied to earnings above that level up to €70,044 will come down 0.5 per cent to four per cent

Living

• A further 25 per cent reduction in the cost of childcare from September 2024.
• There will also be a double child benefit payment of €280 per child that will be paid before Christmas
• An across-the-board permanent increase to weekly welfare and pension payments of €12 as well as a range of lump sum payments
• The Qualified Child Increased will rise by €4 to €46 per week for under 12s and €54 for over 12s
• Parents' benefit will be extended to nine weeks from August 2024
• The Child Benefit will be extended to 18-year-olds in full time education
• Threshold for Working Family payment up €54 per week

Alcohol and cigarette

• No increase in the duty on beer or wine
• A packet of cigarettes will go up by 75 cent rather than the anticipated 50 cent.
• A pack of 20 cigarettes will now cost €16.75

LIVE BLOG

2.42pm: The minster finishes his speech with an ovation from members of the Dail.

2.40pm: The Budget provides €1.17 billion for the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.

2.37pm: Minister Donohoe said the the €1 billion of funding reserved for Ireland from the Brexit Adjustment Reserve is the largest single allocation for any EU Member State.

PUBLIC PROTECTION SUMMARY

A total package of €172m for the Justice sector

This includes funding for the recruitment of 1,000 Gardaí and up to 250 Garda civilian staff next year.

A €25 million increase in the annual overtime budget will mean that Gardaí can be deployed as needed to tackle crime and anti-social behaviour.

This is an 8.4% increase on the level of funding provided in 2023

2.33pm: Minister Donohoe announces funding to provide for the recruitment, training and support of a net additional 400 military personnel in 2024

2.29pm: Next year, a further €348 million will be invested to provide another 100,000 homes with the opportunity to connect to fibre broadband.

2.27pm: Mr Donohoe said by 2030, the Government aims to have 80% of Irish electricity come from renewable energy.

He said €380m will be used to "help households with the green transition".

Mr Donohoe said this funding will help reduce greenhouse gas emissions and energy bills.

2.25pm: The eligibility for the Young Adult transport card is also being expended to cover adults aged 19 to 25.

2.24pm: The Minister has announced the continuation of the temporary 20% fare reductions until the end of 2024

Minister @Paschald announces funding for over 2,500 additional beds in hospital and community settings, and an increase of over 22,000 staff through additional recruitment.#Budget2024 pic.twitter.com/ExXULbANG7

— Dept of Public Expenditure NDP Delivery & Reform (@IRLDeptPER) October 10, 2023

2.21pm: An additional €35 million is being allocated to the Department of Enterprise, Trade and Employment, and in conjunction with the existing resources, will allow €9 million to Local Enterprise Offices; €3 million for the Digital Services Coordinator.

The minister said that an increase in the IDA's capital allocation of €27 million will accelerate its Regional Property Grants Programme.

2.14pm: On health, a total allocation of €22.5 billion is being provided for in Budget 2024, including "an €808 million increase in core current funding to address demographic and service pressures". The minister says  the level of Government spending on health has been unprecedented.

2.11pm: Minister Donohoe has announced a social protection package of around €1.1 billion which will include an increase of €12 in weekly social protection payments.

These include raising the Qualified Child Increase by €4 to €46 per week for under 12s and to €54 per week for over 12s.

The hot school meals programme will be expanded to a further 900 primary schools in April 2024.

Parents benefit will be extended to nine weeks from August 2024 and the Domiciliary Care Allowance will increase by €10.

The Child Benefit payment will be extended to 18 year olds in full-time education and the income threshold on the Working Family Payment will increase by €54 per week.

Mr Donohoe added the Government needs to ensure the "welfare system improves living standards".

2.10pm: The Government expects to exceed its target of delivering 29,000 new homes by the end of this year.

He said that next year, the progress will be accelerated with just under €7 billion of funding to the Department of Housing, Local Government and Heritage, of which €2.6 billion will be capital investment in housing.

He said that among the measures is €1.9bn in capital funding in 2024 to deliver 9,300 new build social homes and €265m to support the delivery of 6,400 affordable homes in 2024.

2.09pm: From October 1 2024, all PRSI contribution rates will increase by 0.1%.

2.07pm: The minister also confirmed that Junior Cycle students will be included in the free text book scheme from September next year.

Minister @Paschald announces €90 million for the retrofitting of social housing in 2024, demonstrating the State’s commitment to help people reduce their energy bills.#Budget2024 pic.twitter.com/lGjGwRIOaX

— Dept of Public Expenditure NDP Delivery & Reform (@IRLDeptPER) October 10, 2023

2.06pm: Minister Donohoe said €64m will be investment in disability services to deliver:

More than 90 additional residential places.  Further development of respite services; 1,400 day places for school leavers;

Increased personal assistance hour. Rate increases for staff providing home supports.

2.06pm: the free schools books scheme will be extended to all Junior Cycle students in the free education scheme from next September.

This will benefit 200,000 children.

2.05pm: Some 740 new Special Education teachers and 1,200 SNAs announced as part of Budget 2024.

2.04pm: A further €338m will be added to the Department of Children's budget

Childcare fees will be cut by 25% from September 2024, bringing the total cuts to 50% over two budget.

The rate for statutory foster care will be increased by the end of 2024 by €75 per week for children under 12 and €73 per week for children over 12

1.57pm: Minister Donohoe says "ending child poverty reamins a core ambition of this Government" and as such he has announced the following:

• The Qualified Child Increased will rise by €4 to €46 per week for under 12s and €54 for over 12s
• The hot school meals programme will be expanded to another 900 primary schools in April 2024
• Parents' benefit will be extended to nine weeks from August 2024
• The Child Benefit will be extended to 18-year-olds in full time education
• Threshold for Working Family payment up €54 per week

1.56pm: There will be a once off reduction in student contribution fee of €1,000 for free fee students, a 33 per cent reduction in the contribution fee for apprentices in higher education and an increase in post graduate tuition fee contribution fees by €1,000

1.55pm: SUMMARY OF LIVING BONUSES  

• A €300 lump sum payment will be made to recipients of the Fuel Allowance in the last quarter of this year.
• €400 lump sum of Working Family Payment
• €100 per Qualified Child Increase
• €200 for those in receipt of the Living Alone allowance
• Double Christmas bonus will be paid in early December
• Double Child Benefit payment before Christmas
• Double payment of Foster Care Allowance
• Cost of living support double payment in January
• €400 payment to Carer's Support Grant, Disability Allowance, Blind Pension, Invalidity Pension and Domicilary Care Allowance
• Fee waiver on school transport and State exam fees to continue

1.54pm: The Public Expenditure Minister said there will be a double child benefit payment before Christmas

There will also be a one-off payment of €400 for people on the Working Family Payment and those on the Living Alone Allowance will receive an extra €200 payment.

1.50pm: Minister Donohoe said that all households will receive a further set of credits to assist with energy bills over the winter period; three credits of €150 each will be provided between the end of this year and April of next year. A €300 lump sum payment will be made to recipients of the Fuel Allowance in the last quarter of this year.

1.49pm: Minister for Public Expenditure and Reform Paschal Donohoe has begun his speech to the Dáil. He began by saying that recent budgets responded to Brexit, to a pandemic, to the war in Ukraine, and now to the rising cost of living.

1.48pm: The Dail gives a standing ovation to Minister McGrath as he concludes his statement. The Minister says: "we face challenges for sure, but we face them from a position of strength, and we face them together."

1.47pm: Mr McGrath said the Government will increase the funds available under the Charity VAT Compensation Scheme from €5m to €10m.

He said that would mean charities will get back more VAT than they pay.

1.45pm: Minister McGrath said a new savings fund is being put in place - The Future Ireland Fund - which will use some of the windfall corporate tax receipts.

An investment of 0.8% of GDP annually will be made to the fund from 2024 to 2035.

He told the Dáil that this "will be a sum of approximately €4.3 billion in 2024.

1.42pm: The maximum aggregate lifetime limit of a number of farm-related reliefs is being increased to €100,000.

The maximum amount of enhanced stock relief for farmers who are partners in a Registered Farm Partnership will be increased from €15,000 to €20,000 in line with EU regulations.

The Land Leasing Income Tax Relief will be amended so that it only becomes available when the land has been owned for seven years so that it is better targeted to active farmers.

1.40pm: There will be a 75c increase on cigarettes - this will bring a pack of 20 to €16.75. 

There will be a pro-rate increase on other tobacco products and a domestic tax on vapes in next year's budget.

Minister @mmcgrath has announced a USC package to the value of €350 million to provide much needed assistance to tax payers across all income levels. #Budget2024 pic.twitter.com/nEnrYhvyLw

— Department of Finance (@IRLDeptFinance) October 10, 2023

1.35pm: An Infrastructure, Climate and Nature Fund will be established. The accelerated capital allowances scheme for energy efficient equipment is being extended for a further two years.

The tax disregard in respect of personal income received by households who sell residual electricity from micro-generation back to the national grid is being doubled.

The zero VAT rate on the supply and installation of solar panels is being extended to schools from 1 January 2024. VRT relief for battery electric vehicles is being extended to the end of 2025.

The rate per tonne of carbon dioxide emitted for petrol and diesel will go up from €48.50 to €56.00 from 11 October as per the trajectory set out in the Finance Act 2020.

1.30pm: The Minister for Finance announced an increase in the existing VAT registration thresholds for businesses from €37,500 for services and €75,000 for goods to €40,000 for services and €80,000 for goods respectively.

He said that as part of Revenue's commitment to making it easier for business to avail of supports, a dedicated Tax Administration Liaison Committee (TALC) subgroup will be set up.

Minister McGrath  has also announced an "increase in the current project cap on qualifying expenditure in the Section 481 Film Tax Credit from €70 million to €125 million, subject to State aid approval.

Minister @mmcgrath has announced a package of wide-ranging measures to support Irish enterprise. #Budget2024 pic.twitter.com/GzfCtJHsg0

— Department of Finance (@IRLDeptFinance) October 10, 2023

1.30pm: The Research and Development (R&D) Tax Credit is being increased from 25% to 30%.

The first-year payment threshold is being doubled from €25,000 to €50,000 to "provide valuable cash-flow support to companies engaged in smaller R&D projects."

1.27pm: Minister McGrath will publish legislation in next week's Finance Bill to implement the 15% minimum effective tax rate for large companies as provided for under the OECD Pillar Two agreement.

1.25pm: After a decrease in small landlords, rental income of €3,000 for 2024, €4,000 for 2025 and €5,000 for the years 2026 and 2027 will be disregarded at the standard rate of income tax. They must remain in the market for four years or else the relief will be clawed back.

1.22pm: The Help-to-Buy scheme is extended to the end of 2025. There will also be an amendment to the scheme so that applicants of the local authority affordable purchase scheme can avail of Help-to-Buy. The change will take affect from tomorrow and will run until the revised end of the scheme in 2025.

1.22pm: The temporary universal relief of €10,000 to the Original Market Value in relation to the Benefit in Kind regime for company cars is being extended for another year.

1.19pm: As part of Budget 2024 the Rent Tax Credit is being increased from €500 per year to €750 per year.

There will also be an amendment to allow parents who pay for their student children who have tenancies in 'Rent a Room' or 'digs' accommodation to claim the Rent Tax Credit.

This will be backdated to allow for claims to be made for the 2022 and 2023 tax years.

Mr McGrath says he is proposing to extend the 9% reduced VAT rate for gas and electricity for another 12 months.

The home carer tax credit and the single person child carer credit will be increased by €100 and the incapacitated child tax credit is being increased by €200.

1.16pm: More changes to the budget announced by McGrath. Personal, Employee PAYE and earned income tax credits are being increased by €100 each.

The standard rate income tax cut off point is being increased to €2,000 to bring entry to the higher rate of income tax to €42,000.

The minister said he is reducing the 4.5% rate of USC to 4%. This is the first reduction in USC rates in 5 years.

And following Government approval this morning, as of 1 January 2024, the national minimum wage will increase by €1.40 per hour to €12.70 per hour.

1.14pm: Mr McGrath announced a total Budget package of €14bn which includes once-off cost of living measures of €2.7bn. A personal income tax package to the value of €1.3 billion has also been announced.

1.11pm: Minister McGrath said the government is stepping in to provide help with household energy bill because decline in consumer electricity and gas prices, has been at a slower rate than predicted

1.09pm: Michael McGrath said Budget 2024 is being "framed against a backdrop of global uncertainty – both economic and geopolitical".

He said Ireland's key export markets are experiencing an economic slowdown and this has impacted on recent export performance.

He has confirmed that the government will be stepping in to help the public with energy bills.

1.06pm: Minister McGrath has announced the creation of the #FutureIrelandFund, with a potential to grow to over €100 billion by the middle of the next decade, to protect living standards and public services for current and future generations. #Budget2024

€14 billion will be put aside in the Infrastructure, Climate and Nature Fund by 2030 to allow for sustained levels of investment in infrastructure in the event of economic downturns and to support climate and nature related projects.

1pm: Minister for Finance Michael McGrath is called up and given 45mins to deliver the budget.

12.59: Oireachtas TV channel  reporting that the budget will allow for recruitment of 600-800 additional Gardai

Minister @mmcgrathtd and Minister @paschald standing on the steps of Government Buildings before going to the Dáil to deliver the budget speeches #Budget2024 ? pic.twitter.com/jY0Iz8Ff0D

— MerrionStreet.ie (@merrionstreet) October 10, 2023

12.55: Minister for Finance Michael McGrath and Minister for Public Expenditure and Reform Paschal Donohoe have arrived at Leinster House with Budget 2024.

12.45: Much of the detail of Budget 2024 is already in the public domain, ahead of Ministers Michael McGrath and Paschal Donohoe taking to their feet in the Dáil from 1pm.