| MAIN PERSONAL TAX CREDITS | ||||
|---|---|---|---|---|
| Personal Tax Credit Test | 2014 € | 2015 € | ||
| Single Person | 1,650 | 1,650 | ||
| Married or in Civil Partnership | 3,300 | 3,300 | ||
| PAYE Credit | 1,650 | 1,650 | ||
| Widowed Person or Surviving civil Partner (without dependant children) | 2,190 | 2,190 | ||
| Single Person Child Carer Tax Credit | 1,650 | 1,650 | ||
| Incapacitated Child Credit Max | 3,300 | 3,300 | ||
| Blind Tax Credit | ||||
| Single Person | 1,650 | 1,650 | ||
| Married or in a Civil Partnership – One Spouse or Civil Partner Blind |
1,650 | 1,650 | ||
| Married or in a Civil Partnership – Both Spouses or Civil Partners Blind |
3,300 | 3,300 | ||
| Widowed Parent Bereaved in 2014 | – | 3,600 | ||
| Widowed Parent Bereaved in 2013 | 3,600 | 3,150 | ||
| Widowed Parent Bereaved in 2012 | 3,150 | 2,700 | ||
| Widowed Parent Bereaved in 2011 | 2,700 | 2,250 | ||
| Widowed Parent Bereaved in 2010 | 2,250 | 1,800 | ||
| Widowed Parent Bereaved in 2009 | 1,800 | – | ||
| Age Tax Credit | ||||
| Single or Widowed or Surviving Civil Partner | 245 | 245 | ||
| Married or in a Civil Partnership | 490 | 490 | ||
| Dependent Relative | 70 | 70 | ||
| Home Carer | 810 | 810 | ||
| INCOME TAX RATES | ||
|---|---|---|
| Personal Tax Credit | 2014 € | 2015 € |
| Single or Widowed or Surviving civil Partner, without Dependant Children | 32,800 @ 20% Balance @ 41% |
33,800 @ 20% Balance @ 40% |
| Single or Widowed or Surviving Civil Partner, qualifying for Single Person Child Carer Credit | 36,600 @ 20% Balance @ 41% |
37,800 @ 20% Balance @ 40% |
| Married or in a Civil Partnership, one Spouse or Civil Partner with Income |
41,800 @ 20% Balance @ 41% |
42,800 @ 20% Balance @ 40% |
| Married or in a Civil Partnership, both Spouses or Civil Partners with Income |
41,800 @ 20% with increase of 23,800 max. Balance @ 41% |
42,800 @ 20% with increase of 24,800 max. Balance @ 40% |
| Rent-a-room scheme The threshold for exempt income under the rent-a-room scheme, which applies to sums arising where a person rents out a room or rooms in his or her principal private residance, is being increased from €10,000 to €12,000 per annum. |
10,000 | 12,000 |
| Marginal Rate Reliefs | ||
| Relief (Allowed at the taxpayer’s top rate of tax) |
2014 € MAX |
2015 € MAX |
Employing a carer | 50,000 | 50,000 |
| MORTAGE INTEREST – TAX RELIEF |
|---|
| Interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012 will (subject to the exception below) qualify for tax relief up to the end of 2017 at the following general rates and thresholds. |
| First-Time Buyers – The tax relief on interest paid on qualifying home loans is 25% for years 1 and 2; 22.5% for years 3, 4 & 5 and 20% for years 6 and 7. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €20,000 for individuals who are married, in a civil partnership or widowed and €10,000 for individuals who are unmarried and not in a civil partnership. After year 7, the rates and thresholds for relief are as for non-first time buyers. |
| Non-first time buyers – The tax relief on interest paid on qualifying home loans is 15%. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €6,000 for individuals who are married, in a civil partnership or widowed and €3,000 for individuals who are unmarried and not in a civil partnership. |
| Exception – However, notwithstanding the rates of tax relief mentioned above, for individuals who purchased their first principal private residence on or after 1 January 2004 and on or before 31 December 2008, the rate of tax relief on the interest paid on the loan to purchase that property will, for the tax years 2012 to 2017, be 30%. |
| The relief will be abolished completely by the end of 2017. |
| RENT TAX RELIEF | ||||
|---|---|---|---|---|
| Relief for rent credit will be withdrawn on a phased basis over the next 6 years by reducing the amount of rent that can be relieved at the standard rate of income tax as indicated in the following table. | ||||
| Tax Year | Single Under 55 | Single Over 55 | Widowed/ Married under 55 | Widowed/ Married over 55 |
| 2010 | 2,000 | 4,000 | 4,000 | 8,000 |
| 2011 | 1,600 | 3,200 | 3,200 | 6,400 |
| 2012 | 1,200 | 2,400 | 2,400 | 4,800 |
| 2013 | 1,000 | 2,000 | 2,000 | 3,600 |
| 2014 | 800 | 1,600 | 1,600 | 3,200 |
| 2015 | 600 | 1,200 | 1,200 | 2,400 |
| 2016 | 400 | 800 | 800 | 1,600 |
| 2017 | 200 | 400 | 400 | 800 |
| 2018 | 0 | 0 | 0 | 0 |
| Claimants who were not renting at 7 December 2010 and who subsequently enter into a rental agreement will not be able to claim relief. | ||||
| EXEMPTION LIMITS | ||
|---|---|---|
| Personal circumstances | 2014 € | 2015 € |
| Single or Widowed or a Surviving Civil Partner, 65 years of age and over | 18,000 | 18,000 |
| Married or in a Civil Partnership, 65 years of age & over | 36,000 | 36,000 |
| Marginal Relief Tax Rate | 40%* | 40%* |
| * The above exemption limits are increased by €575 for each of the first two dependent children and by €830 for the third and subsequent children. * Marginal Relief may apply, subject to an income limit of twice the relevant exemption limit. |
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