On 10th October 2023, Michael McGrath TD (Minister for Finance) and Paschal Donohoe TD (Minister for Public Expenditure, National Development Plan Delivery and Reform) delivered the Budget for 2024 to the Dáil.
There were no changes in relation to private pensions in Budget 2024, although we expect some small pension changes to be included in the Finance Bill 2023 which is due...
Budget 2023 is unique given its ‘budget-within-a-budget’ nature — with €4.1 billion in one-off measures turbocharging a €6.9 billion ordinary package in an effort to insulate voters from the cost of living crisis — along with €300 million from the Covid reserve fund. Here is what is once-off and what’s going to be permanent or longer-lasting, and the economic backdrop.
The 2022 Budget details were announced in the Dail by the Minister for Finance on 12th October 2021. We look at the main changes potentially impacting on clients.
The key points from the Budget 2022 speech:
Income tax bands increased by €1,500 and main tax credits by €50.
The 2% USC band increased from €8,675 to €9,283.
Employees working at home will be able to claim tax...
Following several ‘light’ Budgets over the past number of years, this Budget has taken on extra significance considering the current Covid-19 pandemic. Numerous financial incentives have been rolled out since March to help fend off the bleak financial outlook facing many people and businesses.
Previous Budgets where highly ‘Brexit’ focused but this Budget is the most important in terms...
Budget 2020 – 8th October 2019
As expected, this Budget was light on tax measures and once again focused on other ‘incentivised’ schemes. The overriding backdrop to this Budget was ‘Brexit’. Add to the mix a looming General Election in the new year and you have a Budget that has attempted to appeal to as many groups as possible.
Brexit, and the uncertainty surrounding it has...
11 October 2016
This year's Budget was well documented in advance as being one for this Government to give back to the people in terms of tax reductions and to implement a positive capital expenditure plan. The referendum result in the UK with regard to ‘Brexit’ has hindered this budget somewhat, but overall it is following with the Government’s plan to...
Source: Irish Times
With the number of over-65s in Ireland projected to increase from 570,000 to 855,000 in the coming decade, the pension time bomb is ticking
The problem facing countries all around the world is how will they continue to pay for pension benefits at a time when the population is living longer than ever before.
It is a time bomb that has yet to detonate, but all the...
It is an issue that has been raised repeatedly in recent months, first ahead of last October’s budget and more recently in advance of the general election. It’s the tax burden carried by the self-employed, compared with their counterparts who work in the PAYE sector.
Given that about 17.4 per cent of the Irish workforce is self-employed, according to OECD figures for 2014, just ahead of the...
The combined pension deficits at the State's largest private and public companies have surged by €2bn.
AIB and Bank of Ireland had the highest deficits at around €1bn each, according to the research by pension consultants LCP Ireland.
Falling bond yields last year had a dramatic impact on corporate balance sheets. This was despite the positive investment performance of global equity...
Fear sells newspapers but investors should not pay attention to the apocalyptic headlines
Source: Irish Times 08/09/2015
Large sections of the media tend to get a little hysterical during stock market corrections, adopting a “pack up the kids” tone that aims to scare the bejaysus out of its readers.
The latest bout of market turbulence, alas, has been no different, producing headlines such...
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