Budget 2020

We are pleased to provide you with a summary of the 2020 Budget Announcements from yesterday’s budget speech by Pascal O’Donoghue. You can access our summary by clicking on the link below.

As expected, this was not a give-away budget, and has been prepared in the shadow of BREXIT.

Key takeaways:

  • Virtually no change in income tax (with exception of home carer credit and the self-employed earned income credit of €100 and €150 respectively

  • Increase in ER PRSI rate to 11.05% (0.1%) for 2020

  • Small increase in Class A (parent to child) CAT threshold – by €15,000 to €335,000, for gifts/inheritances after 9 October 2019

  • Welcome improvements in Employment Investment and Incentive Scheme

  • Stamp duty on commercial property transactions increased from 6% to 7.5% with effect from 9 October 2019

  • Many of the expenditure commitments are within packages with little detail provided yet - these details will follow over the next few days

If you want to discuss how any aspect of the Budget 2020 affects you, please do contact us.