• Skip to content
  • Skip to primary sidebar
  • Skip to footer

Jigsaw Financial Solutions Ltd.

Financial Solutions

  • About Us
  • Services
  • Featured Businesses
  • Our Remuneration
  • Blog
  • Testimonials
  • Contact Us

manager / October 13, 2015

Budget 2016

Budget 2016

Minister Michael Noonan announced the 2016 Budget provisions today. Some of the headline tax changes in Budget 2016 are as follows;

 

Income Tax

The introduction of an Earned Income Tax Credit to the value of €550 for those with earned income & no access to the PAYE credit, e.g. income from Schedule D I, II & III and business owner/managers not eligible for the PAYE tax credit.

 

Universal Social Charge

Entry threshold to USC moves from €12,012 to €13,000

1.50% rate cut to 1.00%

3.50% rate cut to 3.00%

7.00% rate cut to 5.50%

 

PRSI

Employees

The introduction of a tapered PRSI credit with a maximum level of €12 per week or €624 annualised

 

Employers

Entry point to the top rate of 10.75% is being increased by €20 per week to €376 per week.

 

Minimum Wage

The minimum wage is to increase by 50c to €9.15 as recommended by the Low Pay Commission

 

Annual Pension Levy

The annual pension levy is being abolished.

 

Capital Gains Tax

Reduced rate of 20% for disposal, in part or in whole, of a business up to an overall limit if €1M in chargeable gains.

 

Capital Acquisitions Tax

The Group A tax-free threshold, which broadly applies to transfers between parents and their children is being increased from €225,000 to €280,000.

 

Home Carer Tax Credit

There will an increase of €190 in the Home Carer Tax Credit to bring it up to €1.000.

Increase in home carer’s income threshold from €5,080 to €7,200.

 

Child Benefit

Free childcare to be made available for children from age three to 5 1/2, or the beginning of primary school

Child benefit increases from €135 to €140 per month

Family income supplement is being increased by €5 per week for families with one child and by €10 for those with two or more children

Two weeks paternity leave on the way for fathers.

 

3 Year relief for Start-Up Companies

This is being extended for new start-ups commencing to trade over the next 3 years.

 

Film Tax Credit

Increase in the cap on eligible expenditure to €70M.

 

Research & Development

There are plans for a Knowledge Development Box incentive for conducting research & development in Ireland. Income that qualifies for the KDC will be subject to a reduced rate of corporation tax of 6.25%.

 

Financial Institutions Levy

This is being extended to 2021.

 

Local Property Tax

It is proposed to postpone the revaluation date for LPT from 2016 to 2019.

 

NAMA

NAMA to deliver 20,000 residential units before the end of 2020.

 

Road Tax

Commercial motor tax rates are to be simplified, the 20 existing rates to be replaced by 5 new rates ranging from €92 to €900. The maximum rate had been €5,195.

Stamp Duty

Abolish current €2.50/€5 p.a. chare on ATM cards & combined (ATM & Debit) cards from 1st January 2016 & introduce a new12c ATM withdrawal fee capped at €2.50/€5 p.a.

 

Employment & Investment Incentive

Scheme being amended to include expansion works on existing nursing homes.

 

Home Renovation Scheme

Extended to 31 December 2016.

 

The ‘old Reliable’s’

A pack of 20 cigarettes is to rise by 50c

Petrol and diesel – no change

Alcohol – no change

 

Full budget details are available at www.budget.gov.ie

If you would like to discuss any of the products we offer please feel free to contact us at 087 2608988 or by email at lorraine@jigsawfinancialsolutions.com

 

 

Filed Under: Blog, Uncategorized

Reader Interactions

Primary Sidebar

Categories

  • Blog
  • General Information
  • Give away
  • Uncategorized

Search

Facebook

Jigsaw Financial Solutions Ltd

Footer

Site Links

  • About Us
  • Services
  • Featured Businesses
  • Our Remuneration
  • Blog
  • Testimonials
  • Contact Us

GET IN TOUCH WITH US TODAY

   01 2839360
   lorraine@jigsawfinancialsolutions.ie
  • Privacy Policy
  • Cookies Disclaimer
  • Sitemap
Made by Friday.

Jigsaw Financial Solutions is Regulated by the Central Bank of Ireland. Registered Office: 1A The Cranford Centre, Montrose, Dublin 4. Registered in Ireland. Company Reg. 502527

Cookies & Privacy
We use cookies on our website to give you the most relevant experience. By clicking “Accept” you consent to the use of all cookies.
Visit Cookie settings to control consent.
REJECTACCEPT
Cookie Settings

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non Necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

Analytics

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.

Advertisement

Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.

Performance

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

Save & Accept