Budget live thread

seamus

(I don't see one of these?)

Just a thread to post some of the details as they come out

seamus

Preamble all about recovery and how the cuts haven't been as bad as they thought would be required in 2011.

"Budget is about looking forward, not backwards"

seamus

Unemployment expected to drop below 10% next year. Expect to have 2m people in work by 2016.

seamus

€41bn tax income expected by end of the year. €1bn ahead of target. 3.7% deficit expected. Inside 4.8% target of last year.

seamus

Forecasting 3.4% GDP growth per year over the next four years.

smcgiff

Thanks Seamus,

Normally watch this live, but not possible today. Keep up the good work!

seamus

Forecasting budget deficit of 2.9% next year.

Akrasia

I wish Noonan would tell us about 2015 instead of waffling on about the year 215 all the time.

It's neither the time nor the place for a history lesson

Gumbo

Please keep updating. Cant use the RTE player or new tracker in work.

seamus

Planning some corporate tax changes...

Stheno

seamus wrote: »

Planning some corporate tax changes...

12.5% rate will not change

seamus

12.5% rate "never has been and never will be up for discussion"

Akrasia

corporation tax - 12.5 rate remains Forever!!!!

FDI - we're gonna incentivise R&D and invest heavily in roadmaps

3 year corp tax relief extended for startups

knowledge development box - probably just an android media box running wikipedia

seamus

3-year corp tax relief for startups
Accelerated capital allowance scheme
Extended for 3 years

Launching consultation on a "Knowledge Development Box" (something to do with IP / R&D?)

Lenin Skynard

Wow, the tax residency change. That's pretty big isn't it? Pressure from the US?

seamus

Changing the residency rules to abolish the "double irish". Takes effect for new companies from 1/2015. Existing companies have until 12/2020.

Companies must be resident in Ireland for tax and profit purposes.

Lovely Bloke

Akrasia wrote: »

I wish Noonan would tell us about 2015 instead of waffling on about the year 215 all the time.

It's neither the time nor the place for a history lesson

Millons and Billons.

:mad:

Akrasia

no more corporate tax shenanigans (in public anyway)

Financial services to be developed with a new strategy. The strategy will be really really strategic

smcgiff

Akrasia wrote: »

no more corporate tax shenanigans (in public anyway)

Financial services to be developed with a new strategy. The strategy will be really really strategic

Sounds like a strategic strategy is required.

MOTM

Where else would you get it. Finance minister coughs up a lung during budget speech.

seamus

(Poor Mick sounds like he's got a chest cold)
Farming:

No milk quotas from 2015.
Income tax exempt thresholds up by 50%
New thresholds for leases 15+ years.
Extension of a variety of CAT/CGT and other similar reliefs.

The overall aim to try and get people to farm more of the land.

Akrasia

Farmers will be allowed income averaging for up to 5 years.

(was previously 3 years)

Micro-breweries have had excise relieve increased

seamus

€18m over 3 years to the horses and greyhound racing people :rolleyes:

FFS.

seamus

9% tourism VAT rate remains.

Akrasia

Tourism benefits every corner of the country. (O'Callaghans Mills in Clare had a tourist once.)

Reduced VAT is extended to tourist sectors - but beware, if the hotels start taking the mickey, Mickey will pull back the vat relief.

seamus

Housing.

"Strong demand, no supply".

"The state cannot subsidise private construction or guarantee debts".

Akrasia

The property market- construction 2020 strategy, blockages are being removed to increase supply. Prune juice is now vat free

handlemaster

will someone ever throw a euro into the internet meter in RTE the link is crap

Stheno

There's a construction 2020 strategy:pac:

pc7

Akrasia wrote: »

I wish Noonan would tell us about 2015 instead of waffling on about the year 215 all the time.

It is so irritating, that along with the coughing and phlegm being hacked into the microphone (listening on the radio) is disgusting.

Lovely Bloke

Akrasia wrote: »

Micro-breweries have had excise relieve increased

WOOHOO

This is excellent news!

Akrasia

home renovation scheme is being extended to rental sector wit tax relief to landlords

seamus

Home Renovation Incentive being extended to rental properties where the owner is liable for income tax. "To improve the rental stock".

Available from today to 12/2015

Valetta

6% Pension Levy gone from Dec 2014.

1.5% ends Dec 2015

seamus

CGT relief for purchases will be abolished as planned.

80% windfall gains tax being abolished. 33% CGT will apply as normal.

Stheno

CGT changes on development land

No DIRT on savings for FTB deposits

Akrasia

FTBs support - rebate of DIRT on savings for deposit. Woop de doo!!

seamus

DIRT refund will apply on all savings used by FTBs to purchase a property

pc7

Akrasia wrote: »

FTBs support - rebate of DIRT on savings for deposit. Woop de doo!!

He suspects banks will create special accounts to support this, I suspect they will have fees larger than any DIRT rebate available. :rolleyes:

seamus

No tax incentives for developers.

Akrasia

no more tax incentives for developers - instead, the state is considering penalties on landowners hoarding zoned and serviced land

Stheno

Jesus someone get him a drink of water and a cough sweet

Riskymove

seamus wrote: »

€18m over 3 years to the horses and greyhound racing people :rolleyes:

FFS.

that's an EXTRA €18m

they got €54m this year

seamus

Water charges income tax relief available on water charges up to €500/year

Akrasia

water tax relief up to 20% for all householders up to 500 quid a year

Brass Tag

He will be stretched out on a hospital trolley by nightfall with that cough!

Floppybits

Stheno wrote: »

Jesus someone get him a drink of water and a cough sweet

Cant believe he is hocking up into the microphone, disgusting

seamus

Relaunching seed capital scheme for SMEs.

Riskymove

seamus wrote: »

Water charges income tax relief available on water charges up to €500/year

i.e. up to €100 off

Akrasia

SME assistance to develop international trade

seamus

A number of things to help exporting companies grow their business - exempt income, etc.