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Chartered Accountants |
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Thomas McGibney & Company | ||
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Budget
2010
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Tax Credits Tax Credit |
2010 € |
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Single
Person |
1,830 |
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Married
Person |
3,660 |
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PAYE
Credit |
1,830 |
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Widowed
Person (no dependant children) |
2,430 |
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One
Parent Family Credit |
1,830 |
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Incapacitated
Child Credit Max |
3,660 |
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Blind
Tax Credit Single Person One
Spouse Blind Both
Spouses Blind |
1,830 1,830 3,660 |
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Widowed
Parent Bereaved
in 2009 Bereaved
in 2008 Bereaved
in 2007 Bereaved
in 2006 Bereaved
in 2005 Bereaved
in 2004 |
- 4,000 3,500 3,000 2,500 2,000 |
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Age
Tax Credit Single/Widowed
Married
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325 650 |
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Dependent
Relative |
80 |
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Home Carer |
900 |
Tax Rates and Tax Bands.
The tax rates remain unchanged at 20% (standard rate) and 41%
(higher rate). The tax
bands are also unchanged.
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2010
€ |
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Single |
36,400 @ 20% Balance
@ 41%
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One Parent Family |
40,400 @ 20% Balance @ 41% |
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Married Couple one Income |
45,400 @ 20% Balance @ 41% |
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Married Couple – dual Income |
45,400 @ 20% with increase of 27,400 max. Balance @ 41% |
Other
Tax Reliefs
The Tax Relief for Employing a
Carer is unchanged in 2010. This can be claimed at the marginal rate up to a maximum of €50,000.
Rent Tax Relief is also unchanged. This relief is only available at the 20%
rate. For under 55’s, the maximum relief is €2,000/€4,000
respectively for single/married couples. For over 55’s, the
maximum relief is €4,000/€8,000 respectively for single/married
couples..
Relief on service charges remains unchanged.
A maximum of €400 tax relief is granted (at 20% tax rate) in 2010
for service charges paid in the year 2009.
Rent-a-Room
Scheme
The maximum exemption from income tax under the Rent-a-Room Scheme remains unchanged at €10,000. This applies to rent received, where a person rents out a room or rooms in their home.
Medical Expenses
Medical expenses relief remains at the standard
rate for expenses incurred from 1 January 2009. There is an
exception for nursing
home expenses, which continue to attract relief at the marginal
rate.
The Income Levy rates and thresholds are
also unchanged.
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2010 Income Levy Thresholds 2010 |
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Rate |
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Income up to €75,036 |
2% |
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Income from €75,037 to €174,980 |
4% |
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Income above €174,980 |
6% |
Farmers can now avail
of Relief
from the income levy for expenditure
they incur to
comply with the requirements of the EU Nitrates Directive.
In
a welcome move, the standard rate of VAT drops from 21.5% to 21%
with effect from 1 January 2010. This reverses the increase of 0.5%
announced in the October 2009 Budget.
The 3-year Corporation Tax and CGT exemption
scheme for start-up companies, introduced in 2009, has been extended
to new companies who start trading in 2010.
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