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Updated 9.50pm
IT WAS IRELAND’S seventh austerity Budget.
We were warned it would be ‘tough’ – and it was.
Finance Minister Michael Noonan revealed how his department plans to increase the nation’s tax take, while his colleague in the Department of Public Expenditure and Reform explained how he intends to help take €2.5 billion out of the economy.
Income Tax, VAT, USC
-No increases in any of the three tax categories.
VAT
-Reduced rate of 9 per cent for tourism sector to be retained.
-All other VAT rates are to remain untouched.
Air Travel Tax
-Reduced to zero per cent with an aim to encourage airlines to build new routes and traffic.
DIRT
-A new higher single unified rate of 41 per cent for DIRT and the exit tax that applies to life assurance policies and investment funds has been introduced.
Pensions
-The pension levy of 0.6 per cent will be abolished on 31 December 2014. An additional levy on pension funds at 0.15 per cent will be introduced during that time, increasing it to 0.75 per cent.
-From 1 January 2015, the levy will be 0.15 per cent of the value of pension funds.
Home Improvement Incentive Scheme
-To be calculated at 13.5 per cent on works worth over €5,000 and under €30,000 on family’s primary residences in 2014 and 2015.
Corporation Tax
-The Minister said Ireland is 100 per cent committed to its 12.5 per cent Corporation Tax rate.
-However, the Finance Bill will be changed to secure Ireland’s reputation as being ‘part of the solution’ to the global tax crisis and not ‘part of the problem’. The change will ensure Irish registered companies cannot be ‘stateless’ in terms of their place of tax residency.
Magdalenes
-Any lump sums paid to survivors as part of a compensation scheme will be tax exempt.
Cigarettes and Alcohol Excise
-From midnight, cigarette packets will be taxed 10 cent more.
-Also from midnight, bottles of wine will be taxed an extra 50 cent more.
-Meanwhile, and also from 12pm today, beer, cider and spirits will all rise in price by 10 cent.
Medical Insurance
-Tax relief for medical insurance will be capped at €1,000 for adults and €500 for children.
Single Parents
-The tax relief credits will be changed from the One Parent Tax Credit to a Single Person Child Carer Tax Credit. Only the primary carer, rather than both single parents, will be able to claim the credit which is of equal value to what it is replacing.
Motoring
-There will be no increase in excise duty on petrol or diesel.
-There will be no increase in motor tax.
Banks Levy
-Irish banks will be expected to make an annual contribution of €150 million to the Exchequer annually.
Farming
-The farmers’ flat rate addition is being increased from 4.8 per cent to 5 per cent from January. The scheme compensates farmers for VAT incurred on their farming inputs.
-The Capital Gains Tax retirement relief has been extended to disposals of long-term leased farmland in certain circumstances so older farmers will lease out their land to younger men and women.
Property
-Any property sold next year will be exempt from Capital Gains Tax if it had been held for at least seven years.
Business
-The ‘Start Your Own Business’ Scheme will see those who are unemployed, and starting their own new business, exempt from income tax for two years.
Medical Cards
-The income thresholds for medical cards for those aged over 70 years old have been reduced to €900 for a couple and €500 for a single person.
GP Care
-Free GP care for all those aged under five years old will be introduced. The cost to the State will be €37 million.
Maternity
-Maternity benefit will be standarised to €230 per week for new claimants from January. Currently, it lies between €217 – €262 for women.
Prescription Charge
-Per-item prescription charges are to increase to €2.50 per item – this charge began as a 50 cent levy in 2010. The monthly cap is €25 per family.
Social Welfare
-The total adjustment is €290 million.
-The €100 reduced rate of Jobseeker’s Allowance and Supplementary Welfare Allowance to existing recipients who reach 22, and for new entrants aged up to 24 on or after 1 January 2014, has been extended.
-Another reduced rate of €144 for jobseekers will apply to those reaching 25 from January next year.
-The telephone allowance will be discontinued to save €44 million.
-The number of waiting days for entitlement to Illness Benefit is being increased from 3 days to 6 days to save €22 million.
-Child Benefit remains unchanged at €130 per month.
Public Service
-There will be some hiring next year in schools, hospitals and An Garda Síochána but the paybill will still be reduced by €500 million.
-There are plans to hire 1,250 new classroom and resource teachers for the school system.
-€5 million is to be allocated to extend the reach of the books to rent programme in primary schools.
National Lottery
-The €200 million from the sale of the National Lottery licence will be used for a range of measures, including:
Housing
-€10 million will be provided for an unfinished housing estate resolution initiative.
-€30 million of the lottery licence proceeds to recommence the State’s house building programme.
INTREO
-€9 million for the completion of the ‘one stop shop’ for Intreo offices to provide better services for the unemployed.
-€14 million to a “Youth Guarantee Fund”, which will support additional activation places for people under 25.
Bereavement Grant
-The €850 once-off payment to bereaved families will be abolished to save €17 million.
TV License
-The annual payment to RTÉ for the Free TV Licence will be reduced by €5 million.
Invalidity Pensions
-The €230.30 weekly rate will be discontinued for those age 65 and aligned to the €193.50 currently paid to those under 65.
Sports
-Irish Sports Council funding cut by €3.1 million.
Irish Aid
-Reducing funding for Irish Aid by €14 million.
Third-Level Education
-Cutting funding to third level institutions by €25 million.
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Yes my tutors insisted
Nice grounds to walk around on a good day. However, the Book of Kells, as important as it is, is a huge anticlimax for visitors who pay about 14 euro for a very limited view of it. I doubt it gets much repeat business.
@Kárl: lots of museums and tourists attractions have that problem, the Mona Lisa was disappointing AF but even if it was mind blowing I still wouldn’t have been bothered going back
@Kárl: I think the old library itself is actually much more impressive (though not worth €14)
@Karen Wellington: Got to see the Lady with an Ermine in Krakow a few years ago. It was in the Czartoryski museum, admission was for free or a just a few euros and the collection included the amazing Ottoman Turkish tents captured after the 1683 Battle of Vienna, everything looking like it was left behind by an army that retreated yesterday. None of this was behind glass, only a little rope barrier, an usher followed us around to make sure we didn’t don any of the Turkish armour.
We then went into the early renaissance paintings section, it all looked 2D and painted like an amateur, with weird fat baby Jesus. Then we turned a corner and there was the Lady with an Ermine. Looking real, 3D, glowing. It was especially startling after seeing it’s contemporaries.
https://static01.nyt.com/images/2011/12/05/arts/05LEONARDO/05LEONARDO-jumbo.jpg
@Kárl: Repeat business? Who’d want to see it more than once?
@Michael Lynch: they turn the pages every few weeks so you could visit a few times and see different portions of the book.
@David Jordan: thanks David, I’ll keep it in mind if I’m ever in the area
@Kárl: Power tip get a son in there as a student and pay fees, accomodation and as a student he gets you in for free. See I fooled them…
“planning to open up its campus with a series of new pedestrian entrances.”
They would want to be careful about creating new rights of way – the old area is nice as is, been that way for hundreds of years – be shame to have it turned into a shortcut for cyclists etc.
Should be in the National Museum and viewing should be for free
@Gerard O’Donovan: the whole university? Wouldn’t fit my man.
Grand little spot. Great down by the pav on a nice day. Ah the good old days when I wasn’t half as much of a di-ck as I am now!
Walked out of the accommodation many a Saturday morning IF YOU KNOW WHAT I MEAN
@Terrence Edwards: Fake News
Truly wonderful place to visit .
Should be in the National Museum and viewing should be for free.
It’s a university not a bloody park. Surely the staff and students should come first. Who cares if people who have no reason to go in there don’t go in there. They’re solving a non-existent problem.
Yes, went to college and got engaged there
Trinity College has the smallest cemetery, in Ireland, I’m still trying to find it. Then there’s the Zoological Museum (only €2 entrance fee), in the summer, an’ the Geology Dept.
@Claire Cahill: The cemetery is on the right side of the outside of the chapel in Front Square, towards the back. Walk down the ramp to the left of the Buttery and then up the few steps at the end of the ramp on the left. Look down and to your left and you’ll see the little cemetery. There’s not a lot to see, to be honest
@Greg Kane: I think two or three of the provosts from the 17th and 18th century are buried there
@Claire Cahill: I would love to find out if the rumour is true that there are/were tunnels under the college that anatomy students used to bring in bodies from the dame street area?
@Claire Cahill:
What about the Costello “church” in Carrick-0n-Shannon where only a husband & wife are buried?
Great buildings
Next week the journal will ask:
Have you ever been on a bus?
Have you ever eaten a banana?
Do you sweep the floor in your house?
Did you ever look at a seagull?
@Seamus ó Corcoráin: haha have you ever been on a bus ? Yes no or I’m not sure
The only reason non-students go into the Trinity grounds is to rob bicycles.
Yes. Went to college, got married, first child conceived there and graduated from there.
Only went there for a job interview, didn’t get the job…
Yes, went to college and got engaged there
Yes, went to college and got engaged there
Yes, went to college and got engaged there
Yes, some of my kids were fortunate enough to have gone to college there. I’ve been very lucky to have visited the college a number of times and seen the Book of Kells, something I have a great deal of interest in. I also couldn’t help myself taking the mickey out of some American tourists once, they were convinced I had some inside knowledge. Every time we turned a corner they seemed to be there, so in the end I… err… translated for them. I’m very sorry. I know, if there’s a hell I’m going.
Trinity has had a chequered 19c past when it excluded Catholics and perhaps should not have been supported post 1921.
@Moorooka Mick: hmmm I fail to see exactly what benefit there would have been “not supporting” the college post 1921 ….one that has a history with the likes of Oscar Wilde attending , that has been there hundreds of years and has a world class old library …,,over bigotry ??? And how we wouldn’t be just as guilty if we chose to be selective over what colleges to help grow the new independent country we chose to support ?? Your comment is quite baffling !
What’s the official Church stance on walking through college grounds? Maybe he likes to have a cup of tea in the evenings instead, Ted.
just for cans in the pav and a laugh at the toffes playing cricket!
Stayed in accomodation there a number of times over the summer months when up in the mock capitol while supporting Cork GAA. Cheap and cheerful, good breakfast and great location. I’m sure there is other good stuff in a university too but never got the chance to go to one:)
@AppleToes: Could you repeat that? I didn’t quite catch you the first time.
I went to Trinity and all I got was a lousy BSc.
The coffee is authentic in a couple of the canteens, but they never serve boxty with kippers. I think this may affect intellectual life there.
Stayed in accommodation there a number of times over the summer months in the 90s,00s when up in the mock capitol while supporting Cork hurlers/footballers. Cheap and cheerful, good breakfast and great location. I’m sure there is other good stuff in a university too but never got the chance to go to one:)
have your say