Sure Financial

With a general election due within the next 18 months, the Government has taken out their cheque book to put some money back into the pockets of voters.

These are the key points announced in the Budget 2024 on Tuesday 10th October.

Over the next few days, I'll show a number of examples of how this will effect members in terms of euros saved.

Income Tax (USC & PRSI) cuts:

- Personal, PAYE and earned income tax credits will be increased by €100 to €1,875. This will result in a tax saving €100 if you work and pay income tax.
- The Standard Tax Rate, which is the rate that earners pay the lower rate of income tax, will be increased by €2,000 to €42,000. If you earn more than €42,000, you will pay €400 less tax annually.

Universal Social Charge
- The ceiling for the lower rate of Universal Social Charge (which is charged at 2%) will increase by €2,840 to €25,760, saving up to €56.80 per annum.
- The 4.5% USC rate (up to €70,044) will drop to 4%, saving €221.42 if you earn €70,044 or more.

Minimum Wage
- The minimum wage will increase in January by €2.20 per hour, from €10.50 to €12.70.

Property - renters, landlords and home owners

- The rental tax credit will be increased from €500 to €750. If you rent a home you can claim €750 tax back (or €1500 for a couple renting). Don't forget, you can still claim €500 back for both 2023 and 2022 if you haven't done so already.
- If you pay for student accommodation for your children, you'll be able to claim the €750 credit for them too.
- Landlords will be liable to pay up to €600 less tax in 2024 rising to €1000 less in 2026.
- Mortgage holders with an outstanding mortgage on their principle private residence of between €80,000 to €500,000 (on December 31st 2022) will be able to claim 20% tax relief on the increased interest they have paid in 2023 vs 2022 - up to €1,250 per property.

Energy bills

- There will be 3X €150 energy credits for households paid.
- VAT will remain at the lower VAT rate for an additional 12 months.

Public Transport
- The current 20% cut to public transport fares for adults will continue for another year.
- Half price fares will be increased to include 24 & 25 year olds.

Families
- Promise of 25% cut in childcare but not until September 2024.
- Double child benefit payment of €280 prior to Christmas.
- Child benefit will be paid to parents of 18 year olds who are still in full time education.
- Foster care rate will increase to €400 per week for children under 12 and €425 per week for children over 12.
- Free school books will be extended to children up to Junior Cert.
- Families with incomes of less than €100,000 will see their kids undergradate college fees halfed from €3,000 to €1,500 this year. All other families will get a €1,000 reduction in undergraduate fees.

Social Welfare
- Welfare and State Pension payments will increase by €12 per week.
- A new 'January Bonus' will be paid in addition to the current 'Christmas Bonus'.
- A range of lump sum payments will be added for carers, disability support, working family payment, fuel allowance, living alone allowance and Qualified Child Bonus.

Business Owners
- Businesses will receive a once-off grant worth up to 50% of their rates.
- The rise in Employers PRSI, which was scheduled for January, will be delayed by 6-9 months.

Ci******es, Va**ng & Alcohol
- Ci******es will rise tonight by 75c per packet.
- Domestic tax on va**ng products will be introduced in next year's budget.
- No increase in the cost of beer or wine.

We will outline some case studies which will give you an idea how much money you'll save as a result of the Budget.

We are delighted to be one of the four finalists for the Protection Broker of the Year 2022 at the Broker Expert Awards which will be held on this Thursday 17th November in Croke Park.