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This is a summary of the 2010 Budget announced by Brian Lenihan in  December 2009.

Income Tax 

The following Tax Credits are all unchanged for 2010. 

 

Tax Credits Tax Credit

2010

Single Person

1,830

Married Person

3,660

PAYE Credit

1,830

Widowed Person (no dependant children)

2,430

One Parent Family Credit

1,830

Incapacitated Child Credit Max

3,660

Blind Tax Credit

Single Person 

One Spouse Blind

Both Spouses Blind

 

1,830

1,830

3,660

Widowed Parent

Bereaved in 2009

Bereaved in 2008

Bereaved in 2007

Bereaved in 2006

Bereaved in 2005

Bereaved in 2004

 

-

4,000

3,500

3,000

2,500

2,000

Age Tax Credit

Single/Widowed

Married

 

325

650

Dependent Relative

80

Home Carer

900

 

Tax Rates and Tax Bands.

The tax rates remain unchanged at 20% (standard rate) and 41% (higher rate).  The tax bands are also unchanged.

 

2010

Single

36,400 @ 20%

Balance @ 41%

One Parent Family

40,400 @ 20%

Balance @ 41%

Married Couple one Income

45,400 @ 20%

Balance @ 41%

Married Couple dual Income

45,400 @ 20% with increase of 27,400 max.

Balance @ 41%

 

Miscellaneous Reliefs

The Tax Relief for Employing a Carer remains the same forn2010. This can be claimed at the 41%l rate up to a maximum of 50,000.

Rent Tax Relief is also unchanged. This relief is only available at the 20% rate. For under 55s, the maximum relief is 2,000/4,000 respectively for single/married couples. For over 55s, the maximum relief is 4,000/8,000 respectively for single/married couples..

 

Relief on service charges remains unchanged. A maximum of 400 tax relief is granted (at 20% tax rate) in 2010 for service charges paid in the year 2009.

 

Rent-a-Room Scheme

The maximum exemption from income tax under the Rent-a-Room Scheme remains unchanged at 10,000. This applies to rent received, where a person rents out a room or rooms in their home.


Exemption Limits

The exemption limits for persons aged 65 years and over remain at 20,000 for Single/Widowed & 40,000 for Married Couples

 

Medical Expenses 

Medical expenses relief remains at the standard rate for expenses incurred from 1 January 2009. There is an exception  for nursing home expenses, which continue to attract relief at the high  rate.

 

 


Income Levy

The Income Levy rates and thresholds for 2010 are:


2010 Income Levy Thresholds 2010

Rate

Income up to 75,036

2%

Income from 75,037 to 174,980

4%

Income above 174,980

6%





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