Good morning,

 

The Irish Budget for 2025 was unveiled last Monday, October 1st, introducing a range of measures aimed at securing the country’s future. The governments primary goals include enhancing public services, strengthening economic resilience, encouraging investment, and supporting communities and businesses facing higher cost of living. Below are some key highlights from Budget 2025 –  

 

A social protection package worth nearly €2 billion, the largest in the state’s history, was announced: 

 

• Double-double Child Benefit payments for November and December.
• A €12 increase for weekly Social Protection payments. 

 

A €2.2 billion cost of living package, aimed at helping the most vulnerable through the winter months: 

 

• A €250 energy credit for all household, split payments one before the end of 2024 and one after. 
• A proposal to extend the 9% reduced VAT rate on gas and electricity until April 30th, 2025. 

 

In housing, several measures were introduced to provide certainty for homebuyers and addresses pressures on renters: 

 

• The rent tax credit will increase from €750 to €1000, and to €2000 for jointly assessed couples. 
• An additional €1.25 billion will be allocated to the Land Development Agency, raising its total funding to €6.25 billion.  

 

The Universal Social Charge rate will be reduced for a second year, along with increases to major tax credits: 

 

• USC will drop from 4% to 3% for incomes between €25,000 and €70,000. 
• Minimum wage will rise by 80 cents, reaching €13.50 per hour. 
• The Personal, Employee, and Earned Income tax credits will increase by €125 each.  

 

As always, if you wish to discuss anything in this newsletter in further detail, please do get in touch.