Income tax: No increase

VAT: Raised by 2% to 23%

Universal Social Charge: Exemption raised to €10,000 – this affects 330,000 people

Carbon Tax: Increased from €15 per tonne to €20 per tonne

This means:

1.4c increase on Petrol
1.6c increase on Diesel
€17.32 increase on Fuel Oil (to rise in May)
€14.46 increase on Natural Gas (to rise in May)
No Carbon Tax on solid fuels

25c increase on pack of 20

Alcohol: No change in excise duty

Legislation planned on low-cost alcohol

Gambling: Legislation planned on internet betting

Motor Tax: Changes to apply from 1 January

Band A up €56 to €160
Band B up €69 to €225
Band C up €28 to €330

Mortgage Interest Relief:

30% for first-time buyers between 2004 and 2008
25% for first-time buyers in 2012
15% for non-first time buyers
€100 household charge waived

Stamp Duty

No change to stamp duty on residential property
Commercial property rate lowered from 6% to 2%


Lower commercial stamp duty rate will also apply to farmland
50-100% stock relief on registered farm partnerships
Incentives for timely transfer of farms before the current owners reach the age of 66

Capital Gains Tax incentive: Applies to property bought by end 2013 and kept for 7 years

Capital Acquisitions Tax: Up from 25% to 30%

Capital Gains Tax: Up from 25% to 30%

Up from 27% to 30%

Corporate Tax Rate: To remain at 12.5%

Corporate tax: Exemption for start-ups extended

Research & Development

€100,000 of expenditure can be used as tax credit
Companies can use R&D credits to reward key employees

GDP: 1.3% growth forecast in 2012

Special Assignee Relief Programme: Initiative to attract key staff

50% Employer PRSI pension relief abolished

Approved Retirement Funds: Tax up 1% to 6% on transfer of funds