"I will be making a proposal to government to postpose the revaluation date for the Local Property Tax from 2016 to 2019".
"The postponement of the revaluation date means that homeowners will not be faced with significant increases in their LPT in 2017 as a result of increased property values".
Budget 2016, extended the government's popular Home Renovation Incentive (HRI) scheme for a further year.
The HRI scheme provides homeowners with an income tax credit of 13.5 per cent for qualifying expenditure on repair, renovation or improvement work carried out on their homes, once the work is done by tax-compliant contractors. "Tax relief can be claimed on qualifying expenditure over €4,405 (before VAT at 13.5 per cent) per property".
Tax credit will only be given in relation to "a maximum of €30,000 (before VAT at 13.5 per cent) per property".
The CAT threshold for group A has increased from €225,000 to €280,000 with effect from 1 January 2016.
The rate of CGT remains unchanged at 33%.
A reduced CGT rate of 20% is being introduced for entrepreneurs on the disposal in whole or part of a business up to an overall limit of €1m in chargeable gains. This is effective from 1 January 2016.
The first €200,000 of a retirement lump sum remains tax free with any amount between €200,000 and €500,000 subject to income tax at 20%. Any lump sum amount paid out in excess of €500,000 is taxed at the marginal rate and is also subject to PRSI and USC. Retirement Lump Sums taken on or after 7 December 2005 count towards an individual's retirement jump sum limits.
The Pension Fund Levy has now been abolished from the end of 2015 as confirmed in last year's budget. This is encouraging for all those who are private sector pensions and should restore some confidence that pension savings will no longer be targeted. The levy has come at a significant cost through as pension savings have taken a hit in excess of €2bn over the last 5 years.
