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.

Personal Taxation

  • 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

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Business taxation

  • 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

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Other measures

  • 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

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