 |
| Registered to
carry on audit work and authorised to carry on investment
business by the Institute of Chartered
Accountants in Ireland |
|
BUDGET
2003
Personal Tax 2003
Income
Tax Rates & Bands 2003
The
tax rates are unchanged at 20% and 42%.
The standard rate tax bands are unchanged.
The
Rates and Bands for 2003 are as follows:
|
Tax
Year
|
Rate
|
Single/
Widowed
|
Married
Couples
|
Married
Couples
|
Lone
Parent
|
|
One
Income
|
Two
Incomes
|
|
2003
|
20%
|
|
1 - 28,000
|
1 37,000
|
1 - 56,000
|
1 - 32,000
|
|
42%
|
Balance
|
Balance
|
Balance
|
Balance
|
|
Tax Credits
Personal Tax credits will remain unchanged
The PAYE tax credit will
go up by 140 to 800 per annum.
 | Age Exemption
Limits
|
The annual
income tax exemption limits for those aged 65+ goes up from
13,000 single and 26,000 married to 15,000 single and
30,000 married.
| Mortgage
Interest Relief
|
The mortgage tax
relief available to first-time buyers will go up from 3,175 for
single individuals and 6,350 for married couples to 4,000 and
8,000, respectively. This relief is now available for 7 years,
increased from the current period of 5 years
| Employee
Pension Contributions
|
An annual cap is
to be introduced on employee pension contributions. This already
applies to the
self-employed.
| Benefit-in-kind
|
PRSI and Health
Levy will be charged on benefits-in-kind (e.g. company cars &
other perks)
|
|
