Oct 102017
 

 

Main Budget Headline Items for Farmers

  • No change to the income tax rates.
  • An increase of €750 in the income tax standard rate band for all earners, from €33,800 to €34,550 for single individuals and from €42,800 to €43,550 for married one earner couples.
  • The Earned Income Tax Credit has been increased by €200 to €1,150.
  • An increase in the Home Carer Tax Credit from €1,100 to €1,200.
  • The first two Universal Social Charge rates have been reduced by 2.5% to 2% and 5% to 4.75% respectively. There will be an €600 increase to €19,372 for the second USC band ceiling.
  • Change of rate of Stamp Duty on Non-Residential Property from 2% to 6%.
  • Extension of Consanguinity Relief for a further three years.
  • The exemption from stamp duty for young trained farmers is to be continued.
  • €5 per week increase in weekly social welfare payments including Farm Assist from the last week of March 2018.
  • No change  in  the  Capital  Tax  rates  –  Capital  Gains  Tax  (CGT),  Capital Acquisitions Tax (CAT).
  • Targeted Agriculture Measures Scheme (TAMS) to increase funding by €20 million.
  • €25 million extra funding for Areas of Natural Constraint.
  • €25 million Brexit response in form of low interest loans for Farmers, Fishermen and Food Businesses.

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