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Budget 2015 Revealed

Cuts to income tax, an increase in child benefit, dearer cigarettes and relief on water charges are all on the way.

Budget 2015 is also seeing the partial restoration of the Christmas Bonus for welfare recipients.

Here are some of the main points of Budget 2015:

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The top rate of tax is cut from 41 to 40%.

 

The bands where you start paying that higher rate will go up by 1,000 and the starting point for the Universal Social Charge will also go up.

 

The USC rates will be cut, but new higher rates of 8% for those earning over 70,000 and 11% for self-employed earning over 100,000.

 

The changes mean a single person earning 35,000 a year will be 8 euro a week better off, someone on 45,000 will be have 10 euro a week more in their pockets.

 

Child benefit's to be increased by 5 euro a child, and the plan is to increase it by a fiver again in 2016 if resources allow.

 

The living alone allowance increases by 1.30 a week to 9 euro, and there's apartial restoration of teh Christmas Bonus with a 25% extra payment to all welfare recipients the week before Christmas.

 

Tax refunds are on the way for water charges up to a refund cap of 100 euro, with an increase in the numbers getting the household benefits package which will provide relief of 100 euro a year.

 

Smokers are hit with a pack of 20 going up 40 cent from midnight, but other old reliables – alcohol, petrol and diesel will be left untouched.

 

 

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