Budget 2024 Highlights
The Budget sets out a number of tax measures of benefit to small and medium sized businesses and their owners. The angel investor relief is a welcome example of this.
In addition to the taxation measures announced today, the Minister announced a number of proposals and consultations on tax matters that are important to businesses.
In acknowledgement of how complex claiming business supports has become, Revenue will in the coming weeks establish a dedicated Tax Administration Liaison Committee (TALC) subgroup focused on identifying any opportunities to simplify and modernise the administration of business supports.
Should you have any taxation or business questions, our experienced team will be happy to share their insights with you.
Standard rate band increased
Increase of 2% USC band ceiling
Reduction of 4.5% USC rate to 4%
Income tax rates remain the same
Increase of €100 in the personal tax and employee/earned income credits
Increase of rent tax credit to €750
New tax relief for landlords of up to €3,000 in 2024
Introduction of limited mortgage interest relief
Help to Buy Property Scheme extended to 31 December 2025
Increase in all PRSI rates by 0.1% from 1 October 2024
New capital gains tax relief for angel investors
Deferral of changes to BIK on electric vehicles
Increase of the research & development tax credit from 25% to 30% together with other improvements
Extension of Accelerated Energy Efficient Equipment Capital Allowances
Changes in retirement relief from 1 January 2025
Improvements to Employment Investment Incentive relief
Consultations on various tax matters
Increase in Charities VAT Compensation Scheme
Increase in VAT registration thresholds
Excise duty to increase by 75c on a packet of 20 cigarettes with a pro rata increase on other tobacco products
Vacant homes tax rate increased
Revised bank levy introduced for 2024