MAIN PERSONAL TAX CREDITS
Personal Tax Credit Test 2014 € 2015 €
Single Person 1,650 1,650
Married or in Civil Partnership 3,300 3,300
PAYE Credit 1,650 1,650
Widowed Person or Surviving civil Partner (without dependant children) 2,190 2,190
Single Person Child Carer Tax Credit 1,650 1,650
Incapacitated Child Credit Max 3,300 3,300
Blind Tax Credit
Single Person 1,650 1,650
Married or in a Civil Partnership – One Spouse or
Civil Partner Blind
1,650 1,650
Married or in a Civil Partnership – Both Spouses or
Civil Partners Blind
3,300 3,300
Widowed Parent Bereaved in 2014 3,600
Widowed Parent Bereaved in 2013 3,600 3,150
Widowed Parent Bereaved in 2012 3,150 2,700
Widowed Parent Bereaved in 2011 2,700 2,250
Widowed Parent Bereaved in 2010 2,250 1,800
Widowed Parent Bereaved in 2009 1,800
Age Tax Credit
Single or Widowed or Surviving Civil Partner 245 245
Married or in a Civil Partnership 490 490
Dependent Relative 70 70
Home Carer 810 810
INCOME TAX RATES
Personal Tax Credit 2014 € 2015 €
Single or Widowed or Surviving civil Partner, without Dependant Children 32,800 @ 20%
Balance @ 41%
33,800 @ 20%
Balance @ 40%
Single or Widowed or Surviving Civil Partner, qualifying for Single Person Child Carer Credit 36,600 @ 20%
Balance @ 41%
37,800 @ 20%
Balance @ 40%
Married or in a Civil Partnership,
one Spouse or Civil Partner with Income
41,800 @ 20%
Balance @ 41%
42,800 @ 20%
Balance @ 40%
Married or in a Civil Partnership,
both Spouses or Civil Partners with Income
41,800 @ 20% with increase of 23,800 max.
Balance @ 41%
42,800 @ 20% with increase of 24,800 max.
Balance @ 40%
Rent-a-room scheme
The threshold for exempt income under the rent-a-room
scheme, which applies to sums arising where a person
rents out a room or rooms in his or her principal private
residance, is being increased from €10,000 to €12,000 per
annum.
10,000 12,000
Marginal Rate Reliefs
Relief
(Allowed at the taxpayer’s top
rate of tax)
2014
€ MAX
2015
€ MAX
Employing a carer 50,000 50,000
MORTAGE INTEREST – TAX RELIEF
Interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012 will (subject to the exception below) qualify for tax relief up to the end of 2017 at the following general rates and thresholds.
First-Time Buyers – The tax relief on interest paid on qualifying home loans is 25% for years 1 and 2; 22.5% for years 3, 4 & 5 and 20% for years 6 and 7. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €20,000 for individuals who are married, in a civil partnership or widowed and €10,000 for individuals who are unmarried and not in a civil partnership. After year 7, the rates and thresholds for relief are as for non-first time buyers.
Non-first time buyers – The tax relief on interest paid on qualifying home loans is 15%. The upper thresholds in respect of the amount of interest paid qualifying for tax relief are €6,000 for individuals who are married, in a civil partnership or widowed and €3,000 for individuals who are unmarried and not in a civil partnership.
Exception – However, notwithstanding the rates of tax relief mentioned above, for individuals who purchased their first principal private residence on or after 1 January 2004 and on or before 31 December 2008, the rate of tax relief on the interest paid on the loan to purchase that property will, for the tax years 2012 to 2017, be 30%.
The relief will be abolished completely by the end of 2017.
RENT TAX RELIEF
Relief for rent credit will be withdrawn on a phased basis over the next 6 years by reducing the amount of rent that can be relieved at the standard rate of income tax as indicated in the following table.
Tax Year Single Under 55 Single Over 55 Widowed/ Married under 55 Widowed/ Married over 55
2010 2,000 4,000 4,000 8,000
2011 1,600 3,200 3,200 6,400
2012 1,200 2,400 2,400 4,800
2013 1,000 2,000 2,000 3,600
2014 800 1,600 1,600 3,200
2015 600 1,200 1,200 2,400
2016 400 800 800 1,600
2017 200 400 400 800
2018 0 0 0 0
Claimants who were not renting at 7 December 2010 and who subsequently enter into a rental agreement will not be able to claim relief.
EXEMPTION LIMITS
Personal circumstances 2014 € 2015 €
Single or Widowed or a Surviving Civil Partner, 65 years of age and over 18,000 18,000
Married or in a Civil Partnership, 65 years of age & over 36,000 36,000
Marginal Relief Tax Rate 40%* 40%*
* The above exemption limits are increased by €575 for each of the first two dependent children and by €830 for the third and subsequent children.
* Marginal Relief may apply, subject to an income limit of twice the relevant exemption limit.