Key Budget 2024 Measures -

By Caoimhe Looney

The Government have announced the Budget 2024, which includes a cost-of-living package.

Here’s a breakdown of the main measures included in the budget, and how they may affect you:

Cost of Living

Energy credits totalling €450 across three instalments of €150 between the end of this year and the start of next year.
Double child benefit payment totalling €280.
€400 lump sum to recipients of the working family payment.
Those on the Living Alone Allowance will receive an extra €200 payment.
Once-off payment of €400 to be made before Christmas to recipients of Carer’s Support Grant, Disability Allowance, Blind Pension, Invalidity Pension and Domiciliary Care Allowance.
Fuel allowance recipients will receive a once off payment of €300.

Tax and Wages

Students

Once off €1,000 reduction in university fees.
Families with an income of less than €100,000 will have college fees for undergraduate students halved to €1,500.
Increases to existing grant schemes, with maintenance grant rates set to be hiked by €615 with pro rate increases for students in current academic year.
Maintenance grants for postgraduate students will be restored to be in line with undergraduate levels.
There will be an increase in the Post Graduate Tuition fee contribution by €1,000 for any grant recipients.

Housing and Renters

The Help-to-Buy scheme is being extended to the end of 2025.
Rent Tax Credit will be increased by €250 from €500 a year to €750 a year.
Parents who pay for student children in ‘Rent a Room’ or ‘digs’ will now be able to claim the Rent Tax Credit. This is backdated to allow for claims to be made for the 2022 and 2023 tax years.
Introduction of a one-year mortgage relief scheme for homeowners with repayments outstanding between €80,000 and €500,000.
Landlords will received tax relief at the 20pc standard rate on a proportion of their rental income.

Social Welfare

Weekly social protection payments will increase by €12.
An extra €200 will be paid to those receiving the Living Alone Allowance.
A Christmas Bonus to those in receipt of regular Social Protection payments.
A once-off double week “Cost of Living Support” payment to all qualifying Social Protection recipients.
A double payment of the Foster Care allowance will also be made this year.
The extension of child benefit in respect of children aged 18 in full-time education.

Childcare

A 25% cut in childcare fees was announced but is not due to come into effect until the end of next year.
The Qualified Child Increase will increase by €4 to €46 per week for under 12s and to €54 per week for over 12s.
Parents benefit will be extended to nine weeks.

Cigarettes and Vaping

The excise duty on a packet of 20 cigarettes will be increased by 75 cents.
A domestic tax on e-cigarettes and vaping products has been proposed by Minister McGrath.