New Spending

• Increasing Respite grant for carers

  » Increase the respite care grant by €325 to €1,700 per annum for 86,000 carers: €28 million

• Hearing Implants for deaf children

  » Provide bilateral cochlear implants for 200 profoundly deaf children: €12.58 million

• Protecting Welfare and Benefit payments

  » No more Child Benefit cuts & maintain social welfare rates

• Tackling fuel poverty

  » Extend the fuel season for Fuel Allowance by 3 weeks: €23.85 million

• Reducing the cost of back to school

  » Reduce parents’ school books bills by providing half of core subject books free to every child: €15 million

• Tackling child hunger

  » Tackle child hunger by rolling out school meals to an additional 500 schools: €11 million

• Free GP care

  » Extend free GP care to under 5s: €34 million

• Additional frontline workers

  » Ring-fence a budget to allow for the additional hiring of frontline essential staff, including employing 230 Special Needs Assistants: €40 million

Tax Adjustments

• Tax Adjustment Tax Back

  » Save 1.8 million homeowners an average of €278 each per annum by abolishing the property tax: €500 million

• Tax Adjustment Tax Back (cont.)

  » Take 296,000 people earning below €17,542 out of the Universal Social Charge: €94 million

• Tax Adjustment Tax Back (cont.)

  » Deduction for partial year effect: €405 million

• Tax Adjustment Tax Back (cont.)

  » Allow for net effects of salary reductions: €13 million

Tax Raising Measures

• Income tax

  » Introduce new 3rd rate of tax of 48% on income earned in excess of €100,000: Raises €365 million

• Tax Reliefs & Tax Evasion

  » Standardise pension tax reliefs: Raises €343 million
  » Increase Revenue Commissioner activity to target tax evasion: Raises €100 million
  

• Tax Reliefs & Tax Evasion (cont.)

  » Standardise investment in film relief (€33.6m) and rented residential relief under Section 23 (€11.7m): Raises €45.3 million
  » Reduce mortgage interest deductions against rent for landlords from 75% to 40%: Raises €157 million

• Discretionary Taxes

  » Re-introduce the Non-Principal Private Residence charge and charge it at €400: Raises €151 million
  » Increase DIRT by 3% to 36%: Raises €46 million

• Discretionary Taxes (cont.)

  » Increase once-off charge for establishing a discretionary trust by 1% (currently 6%) and the annual charge from 1% to 1.5%: Raises €0.5 million

• Discretionary Taxes (cont.)

  » Enact the taxation provisions of the Betting Bill and apply 3% to online bets and 15% gross profit tax for remote betting intermediaries; and extend an additional 2% to the betting shop tax, bringing it to 3%: €114 million

• Wealth taxes

  » Increase CGT to 40%: Raises €98 million
  » Increase CAT to 40% and lower thresholds: Raises €108 million
  » Introduce 1% wealth tax on net wealth in excess of €1 million with exclusions as defined in our legislation (view full document for more on 1% wealth tax)

• Excise Duty & VAT

  » Increase excise duty on packet of cigarettes by 20 cent: Raises €35.8 million

• Pensions

  » Reduce the earnings cap for pension contributions from €115,000 per annum to €70,000 per annum: Raises €130 million
  » Increase tax take from super pensions by raising imputed distributed percentage (ARFS): Raises €25 million

• PRSI & USC

  » Introduce a new employers’ rate of PRSI of 15.75% on the portion of salary paid in excess of €100,000 per annum: Raises €119.1 million

• Carry-over

  » Carry-over: €583 million

Savings

• Health

  » Deliver further savings on branded medicines and alter prescribing practices: saves €258 million

• Health (cont.)

  » Introduction of generic substitution and reference pricing for the 20 most commonly used off-patent medications: saves €66 million

• Health (cont.)

  » Partial introduction of full cost of private care in public hospitals: saves €120 million

• Health (cont.)

  » Implementation of measures to improve system productivity, including strategic purchasing: saves €205.9 million
  

• Health (cont.)

  » Reduce consultants’ pay by 15% on income between €150,000 and €200,000; and 30% on income of over €200,000 per annum: saves €9 million

• Public Pay & Pensions

  » Reductions in public sector pay & pensions, including 15% reduction in public sector salary between €100,000 & €150,000 and 30% on income over €150,000: saves €31.5 million

• Oireachtas Pay & Allowances

  » Oireachtas Pay & Allowances, including Taoiseach and Ministers reduced by 50% of everything over €75,000, and TDs and Senators reduced to €75,000 and €60,000: saves €3.7 million

• General government expenditure

  » Professional fees and general department spend: saves €76.7 million

• Education

  » Phased withdrawal of private school annual state subsidy: Saves €36.3 million

• Foreign Affairs and Trade

  » Sell Rome and Paris embassy buildings and rent lower cost buildings: saves €62 million

• Carry-forward

  » Carry-forward: €340 million