Personal Tax Credits and Bands | 2014 | 2013 |
Personal Tax Credits | | |
Single | €1,650 | €1,650 |
Married | €3,300 | €3,300 |
PAYE | €1,650 | €1,650 |
Age Exemption Limits (aged 65 and over) | | |
Single | €18,000 | €18,000 |
Married | €36,000 | €36,000 |
20% Standard Rate Tax Bands | | |
Single | €32,800 | €32,800 |
Married one income | €41,800 | €41,800 |
Married two incomes | €65,600 | €65,600 |
41% higher tax rate remains.
PRSI
The 4% PRSI rate will apply to all taxpayers.
As previously announced, from 1 January 2014, unearned income such as rental income, investment income, dividends and deposit interest will be subject to PRSI for all taxpayers.
Universal Social Charge (USC)
Income | USC |
From €0 - €10,036 | 2% |
From €10,037 - €16,016 | 4% |
Over €16,016 | 7% |
A 10% rate applies to self-employed income over €100,000.
Tax relief for medical insurance
From 16 October 2013, the tax relief on medical insurance premiums will be restricted to the first €1,000 per adult insured and €500 per child.
One parent family tax credit
From 1 January 2014, the one parent family tax credit will be replaced with a single person child carer tax credit. The new credit will be equal in value to the one parent family tax credit but can only be claimed by the primary carer of the child.
DIRT & exit taxes
41% on interest payments whether payments are made annually or more frequently.
Home Renovation Incentive (HRI)
This incentive will apply to expenditure by an individual on the renovation or improvement of their principal private residence. Individuals who avail of the scheme will be able to write off 13.5% of the cost of the renovation work. The relief will be granted by way of a tax credit split over two years commencing in the year following the year of the expenditure. There is a minimum threshold spend of €5,000 and a maximum threshold of €30,000 over two years. The contractor carrying out the work must be tax compliant.
Tax reliefs on loans to acquire an interest in a partnership
From 15 October 2013, tax relief for acquiring an interest in a partnership will be abolished. The relief will be phased out over 4 years for existing claimants until 1 January 2017.
High earner restriction
Capital allowances and losses on plant and machinery used in manufacturing trades which are claimed by passive investors will be included as a specified relief for the purpose of the high earner restriction.
Top slicing relief
From 1 January 2014, top slicing relief will no longer be available in respect of all ex-gratia termination payments.
Maternity benefit
From the 1 January 2014 the rate of maternity benefit will be standardised at €230 per week for all new claimants.
