10 October 2018

Budget 2019- 5 Main Points

Minister for Finance, Paschal Donohoe has announced details of Budget 2019 with no surprises and no changes to private pensions.The Finance Bill will be published on Thursday October 18th which we will monitor for any additional changes which may arise.

The main changes are as follows:

1) An increase in the tax free Group A threshold for gifts and inheritances from parents to children from €310,000 to €320,000, with no change to the two other tax free thresholds.

2) €5 per week increase in all weekly social welfare payments from next March.

3) The Christmas bonus payment will be fully restored to all social welfare recipients this year.

4) An increase of €750 in the income tax standard rate band for all earners, from €34,550 to €35,300 for single individuals and from €43,550 to €44,300 for married one earner couples.

5) The second USC rate band will increase from €19,372 to €19,874 so the salary of a full-time worker on the minimum wage will remain outside the top rates.