Budget 08

Budget Key Points

 

 

Increase in personal tax credit by €70 (single) and €140(married) to €1,830 and €3,660 respectively

 

PAYE Tax Credit increased by €70 to €1,830

 

Band for 20% standard rate widened by €1,400 to €35,400

 

Mortgage interest relief to rise by €2,000 for a single person and €4,000 for a married couple

 

New residential stamp duty rate of zero up to €125,000 and a 7% on the excess up to a limit of €1m

 

A 9% stamp duty rate will apply on the balance of house prices over €1m

 

Duty on credit cards to fall from €40 to €30

 

Increase in small company corporation tax liability threshold from €150,000 to €200,000

 

VAT registration thresholds increased to €37,500 (services) and €75,000 (goods)

 

Excise on cigarettes to rise 30 cents from midnight

 

With effect from 1 July 2008, VRT will be based on CO2 emissions levels

 

New VRT system will have 7 bands, ranging from 14% to 36%

 

Noncontributory pension to rise €12 to €212 a

 

Contributory pension to rise €14 to €223 a week

 

New capital gains tax relief for the breakup of a farm

 

Film relief extended for another four years to 31st Dec 2012

 

Child benefit to rise €6 per month for first and second child and €8 per month for third and subsequent children