The following Income Tax Credits & Bands were unveiled in today’s Budget.
In general Tax Credits and Bands have been cut by 10%.
| Income Tax Credits & Bands – Budget 2011 | ||
| 2011 | 2010 | |
| € | € | |
| Employee Tax Credit | 1,650 | 1,830 |
| Personal Tax Credits | ||
| – single | 1,650 | 1,830 |
| – married | 3,300 | 3,660 |
| Widowed person bereaved in year of assessment | 3,300 | 3,660 |
| One Parent Family Tax Credit | 1,650 | 1,830 |
| Home Carer Tax Credit | 810 | 900 |
| Dependent Relative Tax Credit | 70 | 80 |
| Incapacitated Child Tax Credit | 3,300 | 3,660 |
| Blind Persons Credit | ||
| – single | 1,650 | 1,830 |
| – married (both blind) | 3,300 | 3,660 |
| Additional credit for certain widowed persons | 540 | 600 |
| Widowed Parent Tax Credit: | ||
| year 1 | 3,600 | 4,000 |
| year 2 | 3,150 | 3,500 |
| year 3 | 2,700 | 3,000 |
| year 4 | 2,250 | 2,500 |
| year 5 | 1,800 | 2,000 |
| Age Credit | ||
| – single | 245 | 325 |
| – married | 490 | 650 |
| Standard Rate Bands from 1 January 2011 | ||
| Single/Widowed | 32,800 | 36,400 |
| Married One Income | 41,800 | 45,400 |
| Married Two Incomes | 65,600 | 72,800 |
| Max income transferable between spouses | 41,800 | 45,400 |
| One Parent/Widowed Parent | 36,800 | 40,400 |
| Age Exemption Limits | ||
| Single | 18,000 | 20,000 |
| Married | 36,000 | 40,000 |
Thomas McGibney & Company 