| MAIN PERSONAL TAX CREDITS |
| |
2014 EURO |
2015 EURO |
| Personal Tax Credit |
|
|
| Single Person |
1,650 |
1,650 |
| Married or in Civil Partnership |
3,300 |
3,300 |
| PAYE Credit |
1,650 |
1,650 |
| Widoved Person or Surviving civil Partner (without dependant children) |
2,190 |
2,190 |
Single Person Child Carer
|
1,650 |
1,650 |
| Incapacitated Child Credit Max |
3,300 |
3,300 |
Blind Tax Credit:
Single Person
Maried or in Civil Partnership - One Spouse or Civil Partner Blind
Maried or in Civil Partnership - Both Spouses or Civil Partners Blind |
1,650
1,650
3,300
|
1,650
1,650
3,300
|
|
Widowed Parent
Bereaved in 2014
Bereaved in 2013
Bereaved in 2012
Bereaved in 2011
Bereaved in 2010
Bereaved in 2009 |
-
3,600
3,150
2,700
2,250
1,800 |
3,600
3,150
2,700
2,250
1,800
- |
| Age Credit |
|
|
| Single or Widowed or Surviving Civil Person |
245 |
245 |
| Married or in a Civil Partnership |
490 |
490 |
| Other credits |
|
|
Home Carer's Credit (max)
|
810 |
810 |
Dependent Relative (max)
|
70 |
70 |
|
| INCOME TAX RATES |
| 2014 EURO |
2015 EURO |
| Single or Widowed Surviving civil Partner, without
Dependant Children | | |
| 20% on first |
32,800 |
33,800 |
| Balance |
41% |
40% |
| |
|
|
| Single or Widowed or Surviving Civil Partner, qualifying Single Person Child Carer Credit |
|
|
| 20% on first |
36,800 |
37,800 |
| Balance |
41% |
40% |
| |
|
|
| Married or in a Civil Partnership, one Spouse or Civil Partner with Income |
|
|
| 20% on first |
41,800 |
42,800 |
| Balance |
41% |
40% |
| |
|
|
| Married or in a Civil Partnership, both Spouses or Civil Partners with Income |
|
|
| 20% on first |
41,800 with increase of 23,800 max |
41,800 with increase of 24,800 max |
| Balance |
41% |
40% |
| |
|
|
| |
|
|
| Tax Allowance |
|
|
| Cost of employing carer for incapacitated
individual allowed at marginal rate of tax |
50,000 |
50,000 |
| Rent-a-Room Scheme. The threshold for the exempt income under the rent-a-room scheme, which applies to sums arising
where a person rents out a room or rooms in his or her principal private residence, is being increased from 10,000 to 12,000 per
annum. |
10,000 |
10,000 |
|
USC Thresholds (Aged Under 70years)
|
2014 |
2015 |
| Income up to €10,036 |
2% |
2% |
| Income €10,036.01 to €16,016 |
4% |
3.5% |
| Income above €16,016 |
7% |
7% |
| |
| Income up to €10,036 |
2% |
2% |
| Income above €10,036 |
4% |
4% |
|
The Reduced Rates of USC
|
2014 |
2015 |
| Income up to €10,036 |
2% |
|
| Income up to €12,012.00 |
|
1.5% |
| |
| Income above €12,012 |
|
3.5% |
| Income above €10,036 |
4% |
|
|
| MORTAGE INTEREST - TAX RELIEF |
| Interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012 will (subject to the exception below) qualify for tax relief up to the end of 2017 at the following general rates and thresholds. |
| First-Time Buyers - The tax relief on interest paid on qualifying home loans is 25% for years 1 and 2; 22.5% for years 3, 4 & 5 and 20% for years 6 and 7. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €20,000 for individuals who are married, in a civil partnership or widowed and €10,000 for individuals who are unmarried and not in a civil partnership. After year 7, the rates and thresholds for relief are as for non-first time buyers. |
| Non-first time buyers - The tax relief on interest paid on qualifying home loans is 15%. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €6,000 for individuals who are married, in a civil partnership or widowed and €3,000 for individuals who are unmarried and not in a civil partnership. |
| |
| Exception - However, notwithstanding the rates of tax relief mentioned above, for individuals who purchased their first principal private residence on or after 1 January 2004 and on or before 31 December 2008, the rate of tax relief on the interest paid on the loan to purchase that property will, for the tax years 2012 to 2017, be 30%.
|
| |
The relief will be abolished completely by the end of 2017. |
|
| RENT TAX RELIEF |
Relief for rent credit will be withdrawn on a phased basis over the next 7 years by reducing the amount of rent that can be relieved at the standard rate of income tax as indicated in the following table.
|
| Tax Year |
Single Under 55 |
Single Over 55 |
Widowed/ Married under 55 |
Widowed/ Married over 55 |
| 2010 |
2,000 |
4,000 |
4,000 |
8,000 |
| 2011 |
1,600 |
3,200 |
3,200 |
6,400 |
| 2012 |
1,200 |
2,400 |
2,400 |
4,800 |
| 2013 |
1,000 |
2,000 |
2,000 |
3,600 |
| 2014 |
800 |
1,600 |
1,600 |
3,200 |
| 2015 |
600 |
1,200 |
1,200 |
2,400 |
| 2016 |
400 |
800 |
800 |
1,600 |
| 2017 |
200 |
400 |
400 |
800 |
| 2018 |
0 |
0 |
0 |
0 |
Claimants who were not renting at 7 December 2010 and who subsequently enter into a rental agreement will not be able to claim relief. |
|
| EXEMPTION LIMITS |
| Personal circumstances |
2014 EURO |
2015 EURO |
| Single or Widowed or a Surviving Civil Partner, 65 years of age and over |
18,000 |
18,000 |
| Married or in a Civil Partnership, 65 years of age & over |
36,000 |
36,000 |
| Marginal Relief Tax Rate |
40%* |
40%* |
| * The Marginal Relief Tax Rate only applies to persons 65 years of age or over. Marginal Relief may apply, subject to an income limit of twice the relevant exemption limit. The above exemption limits are increased by 575 for each of the first two dependent children and by 830 for the third and subsequent children.
*The above exemption limits are increased by 575 for each of the first two dependent children and by 830 for the third and subsequent children.
* Marginal Relief may apply, subject to an income limit of twice the relevant exemption limit. |
|
Relief for water charges:
The Budget provides for tax relief for water charges at the rate of 20% of the annual water charges paid in the previous year subject to a maximum relief of €100 (€500 @ 20%).
3% Surcharge (non-PAYE income)
The surcharge of 3% on individuals who have non-PAYE income that exceeds 100,000 in a year remains unchanged. |
Deferrals:
A system of deferral arrangements for owner-occupiers will be implemented to address cases where there is an inability to pay the LPT under specified conditions (e.g. where the gross income does not exceed €15,000 - single and €25,000 -couple ). Some owner occupiers may be eligible to apply for marginal relief, which will allow them do defer up to 50% of their LPT liability. It should be noted that interest will be charged on deferred amounts at a rate of 4% per annum.
Further information, including Frequently Asked Questions on LPT and an online LPT calculator, is available on www.revenue.ie.
Disclaimer: Whilst every effort has been made to ensure the accuracy and reliability of the information published within this website, you choose to use this information and rely on any results at your own risk. We will not under any circumstances accept responsibility or liability for any losses that may arise from a decision that you may make from the use of, or reliance on this information. |
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