What Budget 2018 means for someone earning around €20000

Dara Calleary left and Michael Mc Grath outlined Fianna Fáil’s budget priorities yesterday

Dara Calleary left and Michael Mc Grath outlined Fianna Fáil’s budget priorities yesterdayLEAH FARRELL ROLLINGNEWS

Minster for Finance, Public Expenditure and Reform Paschal Donohoe has delivered his first budget in the Dáil, and here are some of the key points.

Meanwhile, the long talked about sugar tax is expected to be announced today, however, it will probably not be introduced until spring of 2018. There will now be a 30 cent tax on a litre of fizzy drinks with 8g of sugar per 100ml, and there'll be a 20 cent tax on a litre of fizzy drinks with between 5 and 8g per 100ml.

The idea has been floated in recent years by Junior Minister Patrick O'Donovan.

But the Value-Added Tax rate on tourism enterprises remains fixed at 9%, something welcomed by Senator Maria Byrne, who said this will "help protect jobs and create further employment".

There will be a €5 euro per week increase in social welfare payments as well as a €5 increase to the pension from March next year.

Varadkar knows that with the agreement with their main rivals to back the minority administration set to expire in just over a year's time, the small boosts will likely be the last to filter through to voters' pay packets before the next election.

A married couple with no children on one income taxed under PAYE of €45,000, will also see an extra fiver per week in their pockets, a yearly addition of €266.

Also, people who use a company auto which is electric will enjoy a 0% benefit-in-kind rate.

The threshold for the higher rate of income tax was being raised by €750 to €34,550.

There will be marginal tweaks to the USC rates, with the 2.5% rate of USC being cut to 2%, worth in the region of €33 a year, and the 5% rate to 4.75%, worth around €47 to someone earning the average salary.

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€ 1.83 billion has been announced for housing in 2018.

Spending on the Housing Assistance Payment is going up by €149m, while funding for homeless services rises €116m.

-Additional €18 million for emergency accommodation.

"The message to vacant site owners is clear - get on and develop these lands", Mr Donohoe told the Dail.

Spending on health to increase by €685 million (£612 million), bringing the total budget for the Health Department to €15.3 billion (£13.6 billion).

He pledged 1,800 new staff across front-line HSE services.

There will be 800 extra gardai and 500 extra civilians for the force.

Whilst the Taoiseach has confirmed some measures that will be in the budget.

What do the USC changes mean for you?

-Home Carers tax credit increase by €100 to €1200.

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