Fianna Fáil Finance Minister Michael McGrath and Fine Gael’s Public Expenditure Minister Paschal Donohoe have delivered their presentations for the Budget 2024.
Parents are the big winners of this year's Budget as childcare fees are slashed by 25% and parents will also receive a double child benefit payment per child this winter.
Three energy credits, worth €150 each, will also be paid, one in time for Christmas and two more out to the end of Spring.
The free school book programme will also be extended to 770,000 Junior Cycle students and college fees, meanwhile, will be cut by up to €1,500.
However, there's bad news for smokers with a pack of 20 cigarettes going up by 75c.
Beat has issued a run down of the biggest takeaways form the Dáil.
- 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
- the total budget package is €14 billion - cost of living package worth €2.7 billion - 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
- The 9 per cent VAT rate for gas and electricity will be extended for 12 months
- The help-to-buy scheme will now run until the end of 2025
- Rent relief will increase from €500 to €750 per year
- 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
- Threshold at which people pay higher rate of income tax is increasing by €2,000 to €42,000
- Three energy credits of €150 each, paid to households this winter
- An across-the-board permanent increase to weekly welfare and pension payments of €12 as well as a range of lump sum payments
- 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
- No increase in the duty on beer or wine, but 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
- 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
- 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
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