Ireland's Finance Budget - Delivered on 8 February 1995

The Irish Minister for Finance delivered his Budget on the 8 February 1995. This is the first Budget ever to be presented by a Minister of the Labour Party, and although promised, it did not radically alter Irish taxation. The following is a discussion of the principal features of the Budget.

Income Tax

The standard (27%) and top (48%) rates of income tax were not altered, however the tax bands were widened for the tax year 1995/ 1996, in that the first £17,800 of a married couple's taxable income will be subject to the standard rate of tax, with the balance being taxed at the top rate. Similar widening of the tax rates was introduced for single persons. Personal tax allowances were increased, with a married couple's allowance being increased to £5,000 and a single person's allowance being increased to £2,500. A new tax relief was introduced for rent paid by tenants living in private rented accommodation. The allowance is small and it is expected that the cost of the relief