Finance Bill 2008
Highlights
• Increase in personal credit of €70 single and €140 married.
• Increase in standard rate bands of €1,400 single and married one income and €2,800 married two incomes.
• Employee PRSI ceiling increased from €48,800 to €50,700.
• Increase in mortgage interest relief for first time buyers of €2,000 single and €4,000 married.
• Reform of stamp duty on residential property - lower rates applicable to first €1m.
• Film relief extended for another four years to 31st December 2012.
• VAT registration thresholds for SME's increased from €35,000 to €37,500 in the case of services and from €70,000 to €75,000 in the case of goods.
• A reverse charge mechanism for VAT on supplies made by a subcontractor to a principal contractor in the construction sector is being introduced with effect from 1st September 2008.
• With effect from 1st July 2008, VRT will be based on the carbon emission levels rather than engine size.
• Reduction in rates of stamp duty applyig to various debit, credit and ATM cards.
• Small companies corporation tax threshold for preliminary tax increased from €150,000 to €200,000 effective from preliminary tax payment dates arising after 5th December 2007.
• Threshold year for R&D tax credits remains fixed at 2003 for a further four years to 2013.
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