Here are the key takeaways from the Governments Budget 2024

• Income Tax Package: The standard rate band will increase by €2,000 to €42,000 

• The 4.5% rate of USC will be reduced to 4%

• The entry threshold to the USC rate will increase from €22,920 to €25,760. A single person earning €46,000 in 2024 will see an increase of €2,000 in their net income as a result of cumulative income tax changes and USC changes since 2021, Minister McGrath said.

• A tax credit of €750 for tenants who are paying rent in respect of their principal private residence. Parents who pay for their student children to have tenancies in “rent a room” accommodation will also be able to claim the Rent Tax Credit.

• Personal Tax Credit, Employee Credit and Earned Income Credit will increase by €100 each.

• The Home Carer Credit and the Single Person Child Carer Credit will increase by €100 each.

• An increase of €12 to those in receipt of weekly Social Protection payments

• A once-off double Child Benefit payment to be paid before Christmas, while Child Benefit will be extended to 18-year-olds in full-time education

• The National Minimum Wage will increase by €1.40 per hour to €12.70 per hour from 1 January 2024

• Three domestic universal €150 energy credits totalling €450 between the end of this year and April 2024

• A one-year Mortgage Interest Tax relief, capped at €1,250 per property, will be introduced for homeowners with an outstanding mortgage balance on their primary dwelling of between €80,000 and €500,000 as of 31 December 2022

• A temporary tax relief for landlords will be introduced. 

• An extension of the 9% VAT rate on the supply of gas and electricity for a further 12 months.

• The registration threshold for businesses paying VAT will increase from €37,500 for services and €75,000 for goods to €40,000 for services and €80,000 for goods, respectively.

• A €300 lump sum payment for Fuel Allowance recipients to be paid before Christmas.

• An additional €200 for Living Alone Allowance recipients to be paid this year.

• A once-off double Foster Care allowance to be paid this year.

• The Qualified Child Increase will increase by €4 to €46 per week for under 12-year-olds, and to €54 per week for over 12-year-olds.

• The Hot School Meals Programme will be extended to an additional 900 primary schools in April 2024

• The Free School Books Scheme will be extended to all junior cycle pupils in post-primary schools within the Free Education Scheme from September 2024

• Increases in excise to petrol and diesel are to be postponed until next year

• The Parent’s Benefit will be extended to nine weeks from August 2024

• The monthly Domiciliary Care Allowance will increase by €10 to €340 per month.

• A once-off double week Cost of Living Support payment will be paid to all qualifying Social Protection recipients in January.

• A €400 Working Family Payment will be paid later this year.

• A once-off payment of €400 will be paid to those in receipt of the Carers Support Grant, Blind Pension, Invalidity Pension and the Domiciliary Care Allowance before Christmas

• The Christmas Bonus for those in receipt of Social Welfare payments will be paid before Christmas.

• A 25% reduction in weekly childcare fees from September 2024 onwards

• A once-off reduction of the student contribution fee by €1,000 for free fees students will be introduced

• A once-off reduction of 33% in the contribution fee for apprentices in higher education

• A €1,000 increase to the Postgraduate Fee Contribution Grant from €4,000 to €5,000

Download a detailed PDF Overview of Budget 2024 here