Budget 2011

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The tax highlights…………

Social Welfare Rates CUT across the Board


Stamp duty on principal private residences reduced to 1% (but with 2% applicable to any excess over €1m). Abolition of existing residential property reliefs and exemptions, including first time buyers exemption.

Removal of €75,036 ceiling for employee PRSI contributions.

The Income Levy and Health Contribution to be replaced by a single Universal Social Charge.

PRSI and Universal Social Charge to apply to employee pension contributions.

10% reduction to income tax bands and income tax credits.

Tax free pension lump sum to be capped at €200,000. Tax free ex-gratia
termination payment is also capped at €200,000.

Lifetime tax relieved pension pot is reduced to €2.3m.
Budget 2011

€10 to monthly child benefit for all children

€20 cut for 3rd child only

No adjustment in State pension in 2011

Income tax bands and credits to be cut by 10%
No-one on the reduced minimum wage will be brought into the tax net

Abolishing the income and health levies and replace both with a universal social charge

Employee PRSI ceiling Being removed, increasing rate for the self employed, higher earning public servants and office holders

Litre of petrol to increase by 4 cent from midnight

2 cent increase in litre of diesel from midnight tonight

No increase in excise on alcohol but a review of the duty for on and off trade to beconducted in 2011

Bets placed on the internet by domestic customers to be subject to same level of betting duty as high street betting shops

Car Scrappage Scheme introduced last year will be extended for 6 months to end June 2011

Reforming Stamp Duty with immediate effect: New flat rate of 1% on all residential property transactions up to €1 million – 2% rate will then apply to amounts above €1million