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Budget 2011: Main Points

South_Dublin_Chamber_-_Budget_2011.pdf

  • Defence Forces budget for 2011 reduced by 4 per cent

  • Budgetary limit on the Dental Treatment Services Scheme introduced this year to be maintained

  • Overall health budget for 2011 will be €14.1 billion, a reduction of more than €700 million on this year

  • One of the Government's jets is to be decommissioned, a second one will not be replaced

  • Car usage by former taoisigh and presidents to be pooled and the number of gardai assigned to this work reduced

  • Operational cost of the State car fleet to be cut by one-third over the next two years

  • Four-year National Solidarity Bond to be introduced

  • Capital provision expenditure for national roads cut by €394 million to €720 million

  • Planning and procurement processes for Metro North to continue

  • School transport charges for post-primary level students to rise to €350

  • Arts Council budget reduced by 5 per cent

  • Online betting to be subject to the same betting duty as in High Street bookmakers

  • No change to 'old reliables' such as alcohol and cigarettes

  • VRT relief for hybrid vehicles and flexible fuel vehicles extended by two years

  • Student grants to be reduced by 4 per cent

  • Social welfare rates for people aged between 18 and 21 years will not be changed.

  • Abolition of tax relief for trade union subscriptions

  • Rent Relief to be phased out over 8 years

  • Business Expansion Scheme to be revised

  • From 2011, Section 23 relief will be restricted to income from Section 23 property

  • Carer's Allowance for those under 66 to be cut by €8 to €212 a week, Disability Allowance to be reduced by €8 to €186 a week

  • VTOS and FAS Training Allowances to be reduced from €31.60 to €20 per week

  • Maximum personal rate of payment for all weekly social welfare schemes to be reduced by €8 from January

  • Reduced funding for sporting bodies and agencies

  • Introduction of passport fees for over 65s

  • Student Services Charge replaced with a flat higher education student contribution of €2,000

  • €10 reduction in the personal weekly rate of Supplementary Welfare Allowance

  • €6 reduction in the rate of Jobseeker's Allowance and Supplementary Welfare Allowances for those aged 22-24

  • The top marginal tax rate to remain the same

  • New tax incentive to support employment and improve energy efficiency in homes.

  • Average income loss for families of the combined tax/social welfare package estimated at 7 per cent or €43 per week

  • Extension of three-year corporation tax exemption for start-up firms

  • €40 payment for fuel allowance recipients

  • A total of 25 tax reliefs to be abolished or restricted

  • PRSI rate for self-employed, higher earning public servants and office holders to be increased

  • Employee PRSI contribution ceiling removed

  • Income levy, health levy abolished and will be replaced with single universal social charge

  • Litre of petrol to rise by 4 cent, litre of diesel increase by 2 cent

  • Car scrappage scheme extended for a further six months

  • Air travel tax reduced from €10 to €3 from March 2011

  • All stamp duty exemptions abolished

  • Flat rate of 1 per cent stamp duty on all residential property transactions up to €1 million. Increase of 2 per cent duty on transaction over that amount

  • All property-based tax reliefs to be effectively terminated by 2014

  • No change to corporation tax rate

  • DIRT increased by 2 per cent to 27 per cent on ordinary deposit accounts and by 2 per cent to 30 per cent on longer-term deposit accounts

  • People on new reduced minimum wage will not be brought into tax net

  • Income tax band and credits to be lowered by 10 per cent

  • Public service pensions above €12,000 to be reduced by average of 4 per cent

  • Salary cap of €250,000 for civil servants

  • Next President's salary to be capped at €250,000

  • 10 per cent reduction in pay of new entrants to public service

  • PRSI incentive scheme extended until the end of 2011

  • €10,000 reduction in salary for ministers

  • €14,000 reduction in Taoiseach's salary

  • 15,000 placements to support unemployed at a cost of €200m

  • €10 reduction in lower and higher child benefit rates, additional reduction for third child

  • No reduction in the State pension this year

For more details on each, check out the Irish Times here.