Budget Update 2023

Share This Post

Budget 2023 –The Main Points

The 2023 Budget details were announced in the Dail by the Minister for Finance Paschal Donohoe on the 27th of September 2022. Here we highlight the main points of interest.

Key Points from the Budget 2023 Speech:

  • Income tax standard rate bands increased by €3,200 for a single person, with corresponding increases for married couples, and main personal tax credits increased by €75 for a single person and €150 for a married couple.
  • The 2% USC band will be increased in 2023 from €9,283 to €10,908, with a corresponding reduction in the 4.5% band.
  • No change announced in the DIRT rate of 33%, exit tax rate of 41% or in the 1% life assurance premium levy.
  • The maximum personal rate of State Pension and other Social Welfare benefits increases by €12 pw, with proportionate increases for qualified adults and those on reduced rates of payment. There will be a double payment of Social Welfare benefits in October and again in December.
  • No changes in private pension tax reliefs, limits, or taxation of benefits.
  • No change in CAT rates or Threshold amounts.
  • No change in CGT rate.
  • No change in PRSI rates, employer, or employee.
  • Help to Buy Scheme extended to end of 2024.
  • A new €500 annual tax credit from 2022 for those renting their principal private residence and not in receipt of any other State Housing support.
  • A new Vacant Homes Tax of 3x Local Property Tax will be introduced in 2023.
  • Tax free employer vouchers annual limit doubled to €1,000.
  • Other taxation and pension changes not announced in the Budget could be introduced later in the Finance Bill 2022.

For a more in depth budget update from the LIA please click the following link:

(Available by clicking here)

Should you wish to discuss any of the points in detail, please do not hesitate to contact a member of the team today on 01 4972544 or alternatively email info@hegarty.ie

Hegarty Financial Management 40 years caring for our clients financial wellbeing.
The highest compliment you can pay us is the introduction of new clients. If you know someone who would benefit from our service, we would very much appreciate your recommendation.

More To Explore

May Market Update

  Tallaght Hospital Donation We were delighted to support the Captains Golf Charity day on 30th of October in Edmondstown Golf Club is to raise

April Market Update 2024

In this month’s issue we discuss Changes in the State Pension with Tony Gilhawley Changes in the State Pension For some the State Pension, at

Please do not hesitate to contact us should you wish to discuss the above requirements in more detail or for further information.
We can be contacted by phone at (01) 4972544 or email info@hegarty.ie