Tag: Budget 2012

Marginal rate of taxation on income is now 53% for PAYE workers and 55% for the self-employed.

And the Minister has now concluded his Budget…

4.30pm  Introduction of employers PRSI on 50% of employee pension contributions

4.27pm CAT & CGT rates increase from 25% to 30%. Reduction in CAT Class A threshold from €332,084 to €250,000

4.24pm  DIRT to increase from 27% to 30%

4.22pm As previously announced, standard rate of VAT to increase to 23%. No other VAT rate changes.

4.22pm Universal Social Charge exemption threshold increased to €10,036

4.20pm No changes to High Earners Restriction

4.17pm No increase in income tax rates, no narrowing of tax bands, no reduction in credits.

4.13pm  Increase in mortgage interest relief for 2004-2008 first time buyers to 30%. Mortgage interest relief for first time buyers in 2012 will be 25%.

4.10pm New surcharge of 5% introduced on income sheltered by property reliefs where taxpayers income is greater than €100,000

4.04pm Corporation tax exemption for start up companies extended for 3 more years for businesses starting in 2012, 2013 & 2014

4.02pm New Foreign Earnings Deductions for companies exporting to and employees working in BRIC countries

4.00pm Stamp duty on commercial property being reduced from 6% to 2%