Ready Reckoner - Post Budget 2016

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1 - Post Budget 2016 Prepared by Statistics & Economic Research Branch, Revenue Commissioners October 2015 Ready Reckoners are provided for the following taxes: Income Tax & Universal Social Charge Pages 2-11 Deposit Interest Retention Tax (DIRT) Page 12 Capital Gains Tax (CGT) Page 13 Capital Acquisition Tax (CAT) Page Stamp Duty Page 16 Excise Pages Value Added Tax (VAT) Pages Please note that the costings provided in this Ready Reckoner are estimates and should be treated as such. Ready Reckoner costings assume no behavioural change from an increase or decrease in taxation. Every reasonable effort has been made to ensure that the information provided is as accurate and clear as possible. Revenue's Statistics webpage: 1

2 Income Tax & Universal Social Charge These following costs / yields are based on 2016 estimates from the Revenue tax forecasting model using latest actual data for the year 2013, adjusted as necessary for income, self-employment and employment trends in the interim. The Income Tax Ready Reckoner covers the following: Income earners by Income Tax and USC rates in 2016 Income earners by gross income range in 2016 Increases and decreases to Income Tax and USC rates Page 3 Page 4 Page 5 Increases to Income Tax credits Page 6 Widening of standard Income Tax rate bands Page 7 Increases to USC rate bands Page 8 Increases to Income Tax exemption limits Page 9 Indexation Page 10 Changes to Income Tax relief on pensions Page 11 2

3 Estimated Income Earners by Income Tax and USC Rates in 2016 Number of Taxpayer % of Taxpayer Units* Units Income Tax Higher rate (40%) 474, Standard rate (20%) 1,068, Exempt 862, USC 8% rate 200, % rate 1,052, % rate 447, Exempt 703, Paying neither Income Tax or USC 703, Total Income Earners 2,405, *Married persons or civil partners who have elected or who have been deemed to have elected for joint assessment are counted as one tax unit. 3

4 Income Earners by Gross Income Range in 2016 Range of Gross Number of Income Tax / USC Income Taxpayer Units* 0 10, ,823 1, ,000 13, , ,000 15,000 81,266 1, ,000 18, ,513 2, ,000 20,000 89,617 1, ,000 25, ,953 4, ,000 27,000 82,537 2, ,000 30, ,182 3, ,000 35, ,165 5, ,000 40, ,975 5, ,000 50, ,001 10,544 1,547 50,000 60, ,411 9,099 1,641 60,000 70, ,186 7,392 1,465 70,000 75,000 44,997 3, , , ,627 11,806 2, , ,000 92,250 10,989 3, , ,000 25,801 4,408 1, , ,000 13,753 3,180 1,108 Over 275,000 14,243 7,530 2,974 Total 2,404,937 97,842 18,701 *Married persons or civil partners who have elected or who have been deemed to have elected for joint assessment are counted as one tax unit. The Tax/USC figures do not take into account the Earned Income Credit 4

5 Increases and Decreases to Income Tax and USC Rates First Year Full Year Cost of 1% point decrease in Income Tax rates 20% rate % rate Yield from 1% point increase in Income Tax rates 20% rate % rate Cost of 1% point decrease in Universal Social Charge rates Decrease 1% rate to 0% Decrease 3% rate to 2% Decrease 5.5% to 4.5% Decrease 8% rate to 7%* Yield from 1% point increase in Universal Social Charge rates Increase 1% rate to 2% Increase 3% rate to 4% Increase 5.5% rate to 6.5% Increase 8% rate to 9%* *Includes those paying the 3% surcharge for non-paye income that exceeds 100,000 in a year. 5

6 Cost of Increasing Income Tax Credits First Year Full Year Increase Single Persons Credit by 100 From 1,650 to 1, Increase Married Persons Credit by 200 From 3,300 to 3, Increase Widowed Persons Personal Credit by 100 From 1,650 to 1, Increase Lone Parent Credit by 100 From 1,650 to 1, Increase Widowed Persons Top up Credit by 100 From 540 to Increase PAYE Credit by 50 From 1,650 to 1, Increase Earned Income Credit by 50 From 550 to Increase Earned Income Credit by 550 From 550 to 1, Increase Earned Income Credit by 1,100 From 550 to 1, Increase Home Carer s Credit by 50 From 1,000 to 1, Increase Dependent Relative Credit by 20 From 70 to Increase Incapacitated Child Credit by 100 From 3,300 to 3, Increase Blind Persons Credit (incl Guide Dog) By 500 for single person From 1,650 to 2,150 By 1,000 for both spouses / civil partners blind From 3,300 to 4,300 Increase Widowed Parent Bereavement Credit by Increase Age Credit By 50 for single / widow From 245 to 295 By 100 for married / civil partners From 490 to 590 6

7 Cost of Widening of Income Tax Standard Rate Bands These tables demonstrate the cost when the various tax bands are increased Single & Widowed - Current Band 33,800 Married 1 Earner - Current Band 42,800 Band Increase Revised Band First Year Cost ( m) Full Year Cost ( m) Band Increase Revised Band First Year Cost ( m) Full Year Cost ( m) , , , , ,000 34, ,000 43, ,500 35, ,500 44, Band Increase Married 2 Earners - Current Bands 42,800 24,800* Revised Band Major Earner Revised Band Minor Earner First Year Cost ( m) Full Year Cost ( m) ,900 24, ,300 25, ,000 43,800 25, ,500 44,300 26, Total cost of Band Widening Band Increase First Year Cost ( m) Full Year Cost ( m) , , *Assumes that the maximum allowable transferability of 9,000 across the board These costs do not take into account the Earned Income Credit 7

8 Cost of Increasing USC Rate Bands First Year Full Year Income under 13,000 is exempt Increase by 100 to 13, Increase by 500 to 13, Increase by 1,000 to 14, Increase by 1500 to 14, First 12,012 is charged at 1% * Increase by 100 to 12, Increase by 500 to 12, Increase by 1,000 to 13, Increase by 1,500 to 13, From 12,012 to 18,668 is charged at 3% * Increase by 100 to 12,112 and 18, Increase by 500 to 12,512 and 19, Increase by 1,000 to 13,012 and 19, Increase by 1,500 to 13,512 and 20, From 18,668 to 70,044 is charged at 5.5% * Increase by 100 to 18,768 and 70, Increase by 500 to 19,168 and 70, Increase by 1,000 to 19,668 and 71, Increase by 1,500 to 20,168 and 71, Above 70,044 is charged at 8%* Increase by 500 to 70, Increase by 1,000 to 71, Increase by 2,000 to 72, Increase by 5,000 to 75, * The 13,000 exemption threshold remains unchanged for the USC rate band increases 8

9 Cost of Increasing Income Tax Exemption Limits First Year Full Year Aged 65 and over By 100 for single / widow and 200 married By 300 for single / widow and 600 married Child addition Increase limit by 100 per child (all children) Increase limit by 300 per child (all children)

10 Cost of Indexation First Year Full Year Indexation at 1% Personal Tax Credits (incl Home Carer's Credit) with rate bands Exemption limits, Personal Tax Credits with rate bands PAYE Credit, Exemption limits, Personal Tax Credits with rate bands Earned Income Credit USC rate bands

11 Changes to Income Tax Relief on Pensions Yield of decreasing the ceiling for occupational pension schemes, RACs and PRSAs and / or reducing the marginal effective rate applicable to these reliefs. Rate Ceiling 40% 34% 33% 30% 20% 115,000 0* , , , , , , , , , , , *Current rate and ceiling. 11

12 Deposit Interest Retention Tax (DIRT) Full Year Reduction in the Standard Rate of DIRT From 41% to 40% -7.3 From 41% to 38% From 41% to 36% Increase in the Standard Rate of DIRT From 41% to 42% 7.3 From 41% to 44% 21.8 From 41% to 46%

13 Capital Gains Tax (CGT) M Full Year Reduction in the CGT Rate From 33% to 32% -21 From 33% to 31% -42 From 33% to 28% -106 Increase in the CGT Rate From 33% to 34% 21 From 33% to 35% 42 From 33% to 38% 106 Abolish Annual Exemption 19 Increase in Annual Exemption From 1,270 to 1,

14 Capital Acquisitions Tax (CAT) Updated October Full Year Reduction in the CAT Rate (on or after 15 October 2016) From 33% to 32% From 33% to 30% From 33% to 28% From 33% to 23% Increase in the CAT Rate (on or after 15 October 2016) From 33% to 34% From 33% to 36% From 33% to 38% From 33% to 43% Increase in tax free thresholds (on or after 15 October 2016)* By 1% By 3% By 5% By 10% Decrease in tax free thresholds (on or after 15 October 2016)* By 1% By 3% By 5% By 10% Reduce Agricultural Relief (on or after 15 October 2016) From 90% to 80% From 90% to 70% From 90% to 60% From 90% to 50% Reduce Business Relief (on or after 15 October 2016) From 90% to 80% From 90% to 70% From 90% to 60% From 90% to 50% *Thresholds are currently 280,000 for Category A, 30,150 for Category B and 15,075 for Category C. 14

15 Rate** Ready Reckoner Effects of a simultaneous change in rate and thresholds The table below shows the estimated effect of changing both the tax free thresholds and the rate of CAT applied simultaneously. Percentage Change in Thresholds* m -10% -5% -3% -1% 0% +1% +3% +5% +10% 23% % % % % % % % % *Percentage changes in the thresholds have been applied to each of the three categories. **The current rate of CAT is 33%. Note: The estimated cost of any given increase in thresholds and simultaneous decrease in rate does not result in an equal estimated yield for an equivalent decrease in thresholds and simultaneous increase in rate. This is due to the interaction of the CAT rate with differing thresholds in each of the three categories. 15

16 Stamp Duty Residential Property Increase stamp duty to 2% of excess above 500, Cost/Yield Increase stamp duty to 2% of excess above 600, Increase stamp duty to 2% of excess above 700, Increase stamp duty to 2% of excess above 800,000 7 Non-Residential Property Increase stamp duty to 3% of excess above 500, Increase stamp duty to 3% of excess above 600, Increase stamp duty to 3% of excess above 700, Increase stamp duty to 3% of excess above 800, Shares Increase the rate to 1.1%* 48 Decrease the rate to 0.9%* -48 Cheques and Financial Cards Increase stamp duty on business cheques by 50% 10.3 Increase stamp duty on personal cheques by 50% 6.9 Abolishing duty on credit cards % increase in the stamp duty on credit cards % decrease in the stamp duty on credit cards -6.3 Abolishing duty on cash cards** % increase in the stamp duty on cash cards % decrease in the stamp duty on cash cards -2.2 Figures are calculated on the basis of expected 2016 outturn. Last updated: December * Current rate of stamp duty on shares is 1%. Each subsequent increase/decrease of the rate by 0.1% will result in a proportionate yield/cost. ** Includes ATM cards, debit cards and combined ATM/debit cards. 16

17 Excise The Excise Ready Reckoner covers the following: Oils Alcohol Tobacco Page 18 Page 19 Page 20 17

18 Oils Full Year Unleaded petrol (per litre) Increase by 1 cent 13 Increase by 3 cent 40 Increase by 5 cent 66 Increase by 10 cent 130 Auto diesel (per litre) Increase by 1 cent 22 Increase by 3 cent 65 Increase by 5 cent 107 Increase by 10 cent 213 Both increase amounts and additional revenue estimates are VAT inclusive. 18

19 Alcohol Full Year Beer (per pint) Increase by 1 cent 7 Increase by 3 cent 20 Increase by 5 cent 33 Increase by 10 cent 65 Spirits (per half glass) Increase by 1 cent 3 Increase by 3 cent 10 Increase by 5 cent 17 Increase by 10 cent 33 Cider & perry (per pint) Increase by 1 cent 1 Increase by 3 cent 3 Increase by 5 cent 5 Increase by 10 cent 9 Wine (per 75 cl) Increase by 5 cent 3 Increase by 10 cent 6 Increase by 25 cent 14 Increase by 50 cent 26 Both increase amounts and additional revenue estimates are VAT inclusive. 19

20 Tobacco Full Year Cigarettes (per pack of 20) Increase by 5 cent In the range from -4 to +6 Increase by 10 cent In the range from -7 to +12 Increase by 25 cent In the range from -19 to +31 Increase by 50 cent In the range from -41 to +61 Both increase amounts and revenue estimates are VAT inclusive. Forecast receipts of tobacco products tax use an elasticity measure to partially reflect the responsiveness (or change in behaviour) of smokers following duty and price changes. Increases in duties are forecast to lead to increases in receipts, albeit recognising that some smokers will consume less and consequently some of the increases in receipts from higher prices are negated. Further cigarette price rises, particularly at the higher end, may not increase Excise receipts and this is indicated through the use of the range of estimates above. To reflect the potential variations in consumption change in smokers, the range above is based on varying the elasticities used in the forecast calculation. The elasticities used are derived from research conducted by Revenue. 20

21 Value Added Tax (VAT) The VAT Ready Reckoner covers the following: Activity by VAT rate Increases and decreases to VAT rates Increases in VAT registration thresholds Page 22 Page 23 Page 24 21

22 % of Activity % of Tax Receipts Activity by VAT Rate Standard rate of 23% applies to Reduced rate of 13.5% applies to Reduced rate of 9% applies to Zero rate applies applies to

23 CPI Increases and Decreases to VAT Rates Full Year Effect* 9% Reduced Rate 1% Increase / Decrease +/ / % Reduced Rate 1% Increase / Decrease +/ / % Standard Rate 1% Increase / Decrease +/ / Zero Rate Increased 0% to 5% % to 9% % to 13.5% 1, % to 23% 2, Restructuring the VAT system on a revenue-neutral basis Zero, 9%, 13.5% & 23% rates merged to a 15.4% rate %, 13.5% & 23% rates merged to a 17.5% rate *Percentage effect on consumer price index (CPI). 23

24 Increases in VAT Registration Thresholds Full Year Change in Services Threshold 37,500 to 50, ,500 to 75, ,500 to 87, ,500 to 100, ,500 to 125, Change in Goods Threshold 75,000 to 100, ,000 to 150, ,000 to 175, ,000 to 200, ,000 to 250,000 1,091 24

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