Taxpayers in line for income tax and USC cuts, while social welfare increases of at least €12 per week and electricity credits being considered
The early shape of the budget to be delivered on October 1st is beginning to emerge with extended energy VAT cuts likely, while Ministers are also considering extending a new mortgage interest relief scheme. Free schoolbooks for Leaving Cert-level students may be rolled out, while an extension to the 20 per cent cut in public transport fares is now considered a done deal.
Budget 2025 will be framed around a tax and spending package of €8.3 billion, which will include additional public spending of €6.9 billion and taxation measures amounting to €1.4 billion. The final size of the additional cost-of-living package has not yet been agreed by the party leaders. This decision will be made closer to budget day.
It is now considered highly likely that inheritance tax will be cut. The €335,000 tax-free threshold that applies to children inheriting from parents could rise to €400,000. The renter’s tax credit looks set to be raised from €750 to about €1,000.
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