New tax changes in effect

New tax changes have come into effect for 2024.

Around 2 million people are set to benefit.

The changes to USC mean that if you earn €25,760 or under, you’ll be charged the 2% rate.

The 4.5% rate is now changed to 4% for those earning above that.

The personal tax credit is now €1,875 while the home carer is now is €1,800, the single child carer is €1,750 and the incapacitated child carer is €3,500. They’ve all seen increases of between €100 and €200.

The rent tax credit is now €750 and parents of college students in digs can now avail of that too.

Mortgage holders can now get an interest tax relief.

If you had between €80,000 and €500,000 outstanding on your mortgage at the end of 2022, you could get up to €1,250 back.

Landlords can get an income tax relief of about 20% provided they stay in the market for the next 4 years.