19 items that might help you or your company from Budget 2022?
1. Income tax standard rate bands increased by €1,500 and the main personal
2. tax credits increased by €50.
3. The 2% USC band will be increased in 2022 from €8,675 to €9,283, with a
corresponding reduction in the 4.5% band.
4. Minimum wage up 30c to €10.50
5. No change announced in the DIRT rate of 33%, exit tax rate of 41% or in the
1% life assurance premium levy.
6. The maximum personal rate of State Pension and other Social Welfare benefits
increases by €5pw, with proportionate increases for qualified adults and
those on reduced rates of payment. Also:
7. The Living Alone allowance increases by €3 pw to €22 pw
8. The Qualified Child addition increases by €2 pw for under 12s and by €3 pw
for the over 12s, to €40 pw and €48 pw respectively.
9. The Christmas Bonus of 100% of the weekly rate of State Pension will be paid
in early December 2021.
10. No changes in private pension tax reliefs, limits or taxation of benefits.
11. No change in CAT rates or Threshold amounts.
12. No change in CGT rate.
13. No change in PRSI rates, employer or employee.
14. Employment Wage Subsidy Scheme to be extended to April 2022
It will be wound down in the new year, with two rates introduced, and closed to new entrants
15. €60million for the extension of commercial rates waive on targeted basis, from 2021 funding
16. Help to Buy Scheme extended to end of 2022.
17. The 9 per cent Vat rate for the hospitality sector has been retained until August next year
18. 50 per cent excise relief for small producers of cider
19. Tax relief at 32 per cent for investment in digital gaming, up to €25million per project
Other taxation changes not announced in the Budget could be introduced later in the Finance Bill 2021.
Please contact me if you need any help with your income tax return due to be filed on 31 October