Pension hike, USC cut and tax band change expected to headline Budget 2018

Final preparations are being made ahead of Budget 2018 which will be announced tomorrow.

Finance Minister Paschal Donohoe is to meet with the Independent Alliance later who have been upset at the lack of progress on their policies.

Tomorrow marks Paschal Donohoe's first budget as Finance Minister - and it is likely everyone will have a small amount more money in their back pocket after it.

Cuts to USC are expected in some form, and the point where people start paying a higher rate of tax will probably see a slight increase.

An increase of about €5-per week is expected on pension and social welfare payments - and the Social Protection Minister, Regina Doherty, has said single parents are a priority for her.

On the tax side, cigarettes and alcohol will be hit again, and there's likely to be a sugar tax introduced.

Stamp duty is also set to rise from 2% to 5% which could raise €300m.

Though Research Director with Savills Dr John McCartney says, it could raise house prices.

There is a small bit expected for lots of people in a budget that has been described by one economist as less a case of icing on the cake, than a bit of icing on a rather plain biscuit.


KEYWORDS: budget 2018

 

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