Michael Noonan announces Budget 2016 measures

A series of cuts to the Universal Social Charge and a tax credit for the self employed are some of the main measures announced so far in Budget 2016.

Michael Noonan has just delivered this Government's last budget before the General Election.

The Minister for Finance has promised the threshold at which people pay USC will rise to €13,000 - that means an additional €1,000 per year for most middle income earners and will remove 42,500 people from paying USC completely.

Mr Noonan has also announced PRSI changes for the lower paid meaning more net cash for those on the minimum wage, he has also promised an increase to the home carer tax credit of €190 - bringing it to €1,000.

The Finance Minister has signalled an extensive childcare package will be announced later by Minister for Public Expenditure and Reform Brendan Howlin. This is expected to include two weeks paid paternal leave, a second free pre-school year, and a €5 increase in the children’s allowance.

The local property tax will be frozen until at least 2019 and a new capital gains tax rate of 20% is being introduced which disposes of all or part of a business up to limit of €1m.

The minister has also said a pack of 20 cigarettes to increase by 50c from midnight tonight.

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