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Budget 2024 tax changes come into effect

A series of Budget 2024 tax changes intended to help individuals with their finances and the ongoing cost of living crisis have come into effect.

As part of the plans announced in October, the Government is making a series of changes to tax rates and support schemes for the coming year.

Among the most high-profile changes for individuals is the increase of the annual rent tax credit from €500 to €750 a year and a reduction of the Universal Social Charge rate from 4.5% to 4%.

The previous rent tax credit rate of €500, which has been in place for 2022 and 2023, was criticised by opposition parties in recent months for not being high enough to address high rental costs.

As part of an overall €1.3bn income tax package, the main tax credits, including personal, employee and earned income tax, will all also rise by €100, from €1,775 to €1,875.

Increases will also occur for those receiving the home carer tax credit, the single person child carer tax credit and the incapacitated child tax credit.

Minister for Finance Michael McGrath said the changes “will ensure over two million income taxpayers will see an increase in their net take home income” in 2024.

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