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ARTICLE · 08 JUNE 1995

The Finance Act, 1995 as passed by Dail Eireann

Arthur Cox
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IrelandFinance and Banking
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The Finance Act was signed by the president on 2 June 1995 and therefore became an act as of this date. The following is a brief summary of some of the Acts's more important provisions:-

Income Tax

The standard (27%) and top (48%) rates of income tax have not been altered. Tax bands have been widened so that in the case of a single person's income the first IRœ8,900 and in the case of a married couple's income the first IRœ17,800 will be taxed at the standard rate with the balance being taxed at the top rate. Personal allowances have also been increased to IRœ2,500 in the case of a single person and to IRœ5,000 in the case of a married couple.

A credit at the standard rate of income tax has been introduced in respect of rent paid by tenants living in private rented accommodation with an upper limit of IRœ1,000 for a married couple and IRœ500 for a single person.

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