Budget blows kick in for young and old

There’ll be no New Year’s cheer for the young, the unemployed, the sick and the elderly who face a series of Budget 2014 cutbacks that come into effect from today — on top of the doubling of Property Tax and the introduction of water charges.

Measures contained in the €2.5bn budget adjustment will also hit those who have planned for their futures with a significant hike in tax on savings and an increased pension levy also coming into effect.

From today Dirt tax on savings will increase from 33% to 41% and with PRSI applying on savings for employees with non-PAYE income of €3,174 — almost half of any interest earned from savings will now be handed over to Revenue.