As Budget 2025 approaches in October, there are several key areas to watch out for potential changes:
Inheritance tax: The threshold for inheritance tax is likely to increase from €335,000 to €400,000, reflecting the increase in property prices since 2013.
Rent tax credit: Expected to rise to €1,000 from the current €750, providing relief to tenants.
Energy credit: Likely to be paid in the fourth quarter, but there is a sentiment that subsidies should be reduced now that the worst of the energy crisis has passed.
Tax bands: With wages increasing, the point at which people pay higher tax rates is expected to rise, following Taoiseach Simon Harris’ statement that nobody on the average wage should be paying the higher rate.
USC: A possible reduction in the USC rate following promises of a reduction package by the Taoiseach.
Minimum wage: Recommendations for an increase to €13.70, subject to government decision.
Social welfare: Expected focus on pensioners, carers, and those with disabilities for payment increases in Budget negotiations.
Help to Buy: Potential changes to the Help to Buy scheme, including a proposed increase in the property value ceiling and eligibility based on rent payments.
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