Budget 2024: What We Know So F...


Budget 2024: What We Know So Far

Laura Donnelly
Laura Donnelly

01:20 10 Oct 2023

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The Finance Minister Michael McGrath is addressing the Dail, outlining the Government's taxation measures in the Budget.

He's been followed by the Public Expenditure Paschal Donohoe, who outlined new spending measures.

Here's what we know so far:

  • the total budget package is €14 billion
  • cost of living package worth €2.7 billion
  • income tax package worth €1.3 billion
  • personal employee PAYE and earned income tax credits to increase by €100
  • income tax - higher rate of increase up by €2000 to €42,000
  • USC - 4.5% rate falling to 4%
  • minimum wage is up €1.40 to €12.70
  • home carer and single person child carer credits to rise by €100
  • extending 9% VAT rate for gas and electricity for another 12 months
  • restoration of 8c on petrol and 6c deferred to April 24 and August 24
  • renters tax credit raised to €750
  • 1 year mortgage tax relief to be capped at €1,250 to benefit 165,000 mortgage holders
  • help to buy scheme to be extended to the end of 2025
  • temporary tax relief for small landlords - rental income of €3,000 disregarded at standard rates in 2024, €4,000 in 2025 and €5,000 for years 2026 and 2027
  • increasing vacant homes tax to five times the property's existing basic Local Property Tax
  • VAT on e-books to reduce from 9% to zero in January, bringing it in line with printed books
  • the price of a packet of cigarettes is to increase by 75 cents, raising price to €16.75
  • domestic tax to be introduced on e-cigarettes in next year's budget
  • Three energy credits of €150 each to be provided between end of this year and April next year
  • there will be a €300 lump sum payment for fuel allowance recipients
  • €200 will to be paid to Living Alone Allowance recipients
  • Christmas bonus to be paid in early December
  • one-off double week Cost of Living support to be paid to all qualifying recipients
  • one-off €400 payment to those who get Carers Allowance, Disability Allowance and others
  • double payments of Child Benefit before Christmas
  • foster care benefit double payment also this year
  • €1000 cut for free fees students, and a 33% cut in in contribution fees for apprentices in higher education
  • €1 million to be provided to the CSO for the Growing Up in Ireland survey to improve understanding of child poverty and well being
  • hot school meals to be expanded to a further 900 primary schools from August 24th.
  • Parents Benefit to be extended to 9 weeks from August 2024
  • expanding Child Benefit to 18 year olds in full time education
  • income threshold for Working Family Payment to increase by €54 per week
  • €338 million  increase to core spending of Department of Children
  • 25% reduction in childcare costs for parents to be implemented from September 2024
  • €64 million for investment in disability services
  • €10.5 billion to Department of Education
  • 740 additional teachers to support those with special educational needs,  1, 200 additional SNAs
  • free schoolbooks scheme to be extended to Junior Cycle post-primary students
  • €12 increase for anyone getting a weekly social protection payment
  • €7 billion in funding for Department of Housing
  • €1.9 billion to deliver 9,300 new build social homes
  • €265 million to support delivery of 6,400 affordable homes in 2024
  • €90 million for the retrofitting of social homes
  • €207 million aimed at bringing vacant and derelict homes back into supply
  • €22.5 billion for the Department of Health - €808 million increase in core funding to address demographic and service pressures, €1.23 billion provided through the National Development Plan for delivery of additional health infrastructure
  • €4.1 billion to Department of Higher Education
  • €9 million  to Local Enterprise Offices
  • €380 million to residential and community energy schemes
  • Temporary 20% transport fare reductions to continue until the end of 2024, and Young Adult Card being extended to adults aged 19 to 25
  • €1.35 billion for the development, protection and renewal of roads network
  • an investment of €1 million euro per day in cycling and walking infrastructure
  • €348 million in the National Broadband Plan to provide another 100,000 homes with chance to connect to fibre broadband
  • €1.17 billion for the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media
  • Funding for recruitment of 1,000 Gardai and up to 250 civilian staff in specialist roles in An Garda Siochana, and a €25 million euro increase to the Garda Overtime Budget
  • €1.23 billion euro for the Defence sector, and funding for additional 400 military personnel and for posts to implement reform and in cyber security
  • 8.4% increase on the level of Irish Aid funding - up to €776.5 million


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Budget Budget 2024

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