A Little Something For Everyone (except smokers)
In his last Budget before the Election, The Minister announced €750 million of relieving measures.
The reliefs are targeted at the squeezed middle and lower income groups with reductions in USC and changes in PRSI to the Low paid.
A new Entrepreneur CGT Relief was announced giving a reduced 20% tax rate for the disposal of businesses.
From 2016 there will be new tax credit of €550 for the self employed, however no reduction was made to the additional USC rate which applies to this group. The Minister did signal his intention to equalize the tax regime for the self employed in the future.
The Minister also announced reductions in commercial motor tax for large vehicles which will be welcomed by the haulage sector.
The previously announced Knowledge Development Box (KDB) is being introduced to incentivise substantive R&D and innovation with confirmation that income qualifying for the KDB will be subject to a corporation tax rate of 6.25%.
Luke Prendergast - Tax Director