Budget 2018: What You Need To Know


Budget 2018: What You Need To Know

Minister for Finance Paschal Donohoe announced the lowest rate will be reduced from 2.5% to 2% and the ceiling for this new rate will increase from €18,772 to €19,372.

Here's Budget 2018 at a glance.

The minister highlighted Brexit, the potential impact of United States trade tariffs and various geo-political threats as three key issues his Government has to guard against.

A "Rainy Day Fund" is to be established in the next year with € 1.5 billion being transferred from the Ireland Strategic Investment fund to start it off.

This means your USC payment next year will total about €237.

An extra €500 million (£447 million) for direct building programme will see 3,000 additional new build social houses by 2021.

BUDGET MEASURES HAVE been announced for next year including initiatives to tackle the housing crisis and taxes on items the government thinks are bad for us.

In the event, he boosted the budget package to 1.2 billion euros from the mere 350 million available chiefly through a 4 percentage point increase in stamp duty on commercial property, ensuring income tax cuts will not go into one pocket and come out the other.

The vacant site levy, due to take effect from 2019, will increase from 3% to 7% in 2020.

Value-Added Tax on sunbeds will rise from from 13.5% to 23%.

The allocation includes an additional 1,800 staff aimed at a range of frontline services across the acute, mental health, disability, primary and community care sectors.

The National Treatment Purchase Fund will be given €55 million, which is a trebling on 2017's allocation.

Meanwhile, the long talked about sugar tax is expected to be announced today, however, it will probably not be introduced until spring of 2018. This will bring the price of cigarettes in the most popular price category to 12 euro.

Mr Donohoe dedicated a section of his speech to Brexit-proofing initiatives.

An extra 800 gardai and 500 civilians will be recruited next year.

The additional allocation for the justice sector in 2018 is €63m.