Meath South East News, Edition 22

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TAX CREDITS AND ONE-OFF PAYMENTS DEFINE BUDGET 2024 Budget 2024’s €14 billion budget package included a large swathe of one-off payments which are seen as positive to some, but a “missed opportunity” according to Sinn Fein politicians. All households will receive three €150 energy payments between the end of this year and April 2024 in response to energy and gas prices which have only seen a slight decline. Rent tax credits increased from €500 to €750 per year for renters in the private sector who are not in receipt of any other State housing support starting 1st January 2024. Credits can be doubled for married couples and civil partners, and parents can claim it if their student child lives in a ‘rent

a room’ or digs. Students will get a onceoff reduction fee of €1,000 for ‘free fee students’ and on contribution fees for apprentices in higher education. An increase in the Postgraduate Tuition fee contribution of €1,000 for student grant recipients will also apply. Minister Donohoe also addressed providing additional support including increases in the Maintenance Grant rates, restoration of those grants to eligible postgraduate students and improvements to the thresholds applying to maintenance and student contribution grants from September 2024. A temporary tax relief for landlords was announced, including relief at a stan-

By Daniel Doyle, Eoin Ryan dard rate of 20% available from 2024-2027. The amount of the relief is calculated by disregarding income of €3,000 in 2024, €4,000 in 2025 and €5,000 in each of 2026 and 2027.

These provide tax relief of €600 in 2024, €800 in 2025 and €1,000 in each of 2026 and 2027. The relief is only

available for those registered with the Residential Tenancies Board and the properties must continue to be rented for four years. Childcare costs will be re-

duced by a further 25 percent from September 2024 and a double child benefit payment of €280 will be

sent before Christmas. 20% fare reductions will continue until the end of 2024 and Young Adult Cards now cover 19-25 year olds. The fee waiver on school transport services is extended another year. The minimum wage is due to increase from €11.30 to €12.70 with effect from 1 January 2024 in order to account for rising inflation and the current cost of living crisis. The Universal Social Charge (USC) entry threshold has also increased from €22,920 to €25,760 so those who benefit from minimum wage increase remain outside of these tax rates. Parents Benefit, will be extended to nine weeks from August 2024 representing an increase of two weeks.

The Help to Buy Scheme has also been extended until 31st December 2025 and includes the purchase of new local authority homes under the Local Authority Affordable Purchase Scheme, But does not apply to second-hand properties. The HSE was allocated €22.5 billion which includes an increase to core current funding to address demographic and service pressures, and non-core resources for Covid-19 and Ukraine spending in the health sector. This allocation has been met with criticism and a recruitment freeze on some healthcare roles has been put in place. Despite this, Minister for Public Expenditure Paschal Donohoe said the allocation will not be revisited. Cont’d page 2


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Meath South East News, Edition 22 by Meath News - Issuu