Budget 2014


#281

from the IT

Why did it take so long to implement if they are “ineligible and redundant”?

Grand I’ll just further reduce my consumption, might make up some of the cash I’ll lose by the 41% DIRT rate

Surely will lead to more people either “downsizing” or simply cancelling. In any case how much will it save?

And have we got there by his tinkering today?

I thought the government had said this didn’t actually achieve its goal

has anyone added them up? I’m struggling to see it


#282

Depends how big your deposit is combined with how long you plan to live.
It might not be a very efficient way of generating an income, but if you generate a nominal €1M/ real €600K and have expenses of €20K, you can.

I’m sure I could live off the interest on Bill Gates’s money. 8)


#283

Excuse my naivete but whats with the negative interest rates?


#284

Nominal interest rate less inflation rate.


#285

The combined effect of the nominal interest received and the erosion of the value of the funds on deposit due to inflation I think.


#286

In fairness, that will save a bit of money in healthcare in a few years :smiley:

Hard to argue with the booze & fags hikes, except of course that evasion/avoidance will increase even more.


#287

it means less services costing pretty much the same amount


#288

I was guessing lots of spin and bluster and nothing productive coming out the other end


#289

Any word on Motor Tax? Didn’t hear Baldy mention it.


#290

Unchanged, as is fuel duty.


#291

Ah, but that’s okay - I’ve traded in one of my bangers for a shiny 2012 model… the world must be about to end. For once I didn’t do something that got me pasted in the immediate following budget…


#292

You’re getting brave in your old age YM…


#293

Don’t worry, it has been appropriated from me. I still get to have the other banger :slight_smile:


#294

Strangely I’ve not been hearing economists telling us that thanks to falling house prices mean that interest rates are actually extra positive.

In reality around 2006 you could have had deposit interest rates of around 5% even avoiding banks like Anglo. If you were lucky enough to have 1m in a bank back then earning 40k per annum after DIRT, you’d not have not been too concerned about spoofery about negative rates.


#295

Front page on ft.com. Ireland closes apple loophole. Stateless companies no more. Double Irish not affected. Can’t post link on phone


#296

Home Renovation Incentive (HRI)
I am introducing a home renovation tax incentive scheme. The Home Renovation Incentive will provide an income tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 2014 and 2015. The incentive is payable over the two years following the year in which the work is carried out. The credit will be calculated at a rate of 13.5% on all qualifying expenditure over €5,000 up to a maximum of €30,000. Qualifying works include extensions and renovations to the home, window-fitting, plumbing, tiling and plastering. This incentive will support fully tax compliant builders and will move activity out of the shadow economy into the legitimate economy as all expenditure and relief claims will have to be registered electronically with the Revenue Commissioners.

I’m doing major renovations at the moment - most will be complete by end Nov this year - I wonder if there is anyway to access this - maybe get builder to delay some works/invoicing until January?


#297

Do you get the 13.5% on the full bill or only the balance over 5k?


#298

moneyguideireland.com/tax-re … tails.html

I read it as on full amount once 5k exceeded.


#299

Don’t understand that bit. My understanding is that materials and labour on a single job are charged at 13.5% Is that not the case?


#300

Some materials would be at the higher vat rate.