Budget changes since 1 January 2024

Social welfare

Since 1 January 2024, the maximum rate of all weekly social welfare payments increased by €12 with proportional increases for qualified adults and people on reduced rates of payment. The weekly rate for a qualified child increased by €4.

Domiciliary Care Allowance has increased by €10 to €340 per month since 1 January 2024.

Since 1 January 2024, the statutory Foster Care Allowance rate increased by €25 per week.

Tax

Since 1 January 2024, the standard rate tax band (the amount you can earn before you start to pay the higher rate of tax) increased by €2,000 to €42,000 for a single person, with proportionate increases for married couples and civil partners.

The following tax credits increased by €100:

• Personal Tax Credit to €1,875
• Employee Tax Credit to €1,875
• Earned Income Tax Credit to €1,875
• The Home Carer Tax Credit to €1,800.
• The Single Person Child Carer Credit to €1,750.

The Incapacitated Child Tax Credit increased by €200 to €3,500.

The ceiling for the 2% Universal Social Charge (USC) band increased by €2,840 from €22,920 to €25,760 since 1 January 2024. The 4.5% USC rate that applied to income between €22,900 and €70,044 was reduced to 4% since 1 January 2024. The 4% rate now applies to income between €25,760 and €70,044.

Employment and business

The national minimum wage has increased by €1.40 to €12.70 per hour since 1 January 2024.

Community Employment (CE), Tús and Work Placement Experience Programme (WPEP) weekly payments increased by €12 on 1 January 2024.

Housing

The Rent Tax Credit for people paying for private rented accommodation increased from €500 to €750 a year since the beginning of 2024.

A temporary rental income tax relief was introduced for landlords. The relief reduces the tax due on rental income by up to €600 in 2024.

A new temporary mortgage interest tax credit (MITC) was introduced. The tax relief is 20% of the increased interest you paid on your mortgage in 2023 when compared with the amount you paid in 2022. The relief is capped at €1,250.

Health

Since 1 January 2024, the age limit for free contraception increased to include women aged 17-31. Previously, only women aged 17-30 could get free contraception.

Environment

Since 1 January 2024, the maximum grant available for solar PV panels is €2,100. Since 1 January 2024, the VAT rate for the supply and installation of solar panels in schools was reduced to zero.

From 1 January 2024 until 31 December 2025 if you sell your electricity back to the national grid, you are eligible for a tax exemption of €400 per year on the income generated from selling your excess electricity.

Transport

Since 1 January 2024, you can apply for the Home Charger Grant Scheme for up to €300 towards the installation costs of a home charger. (Previously, the grant was €600).