TAILIEUCHUNG - BUDGET SUMMARY 2013 - INCOME TAX

A genuine EMU needs a comprehensive approach to tackle the vicious circle of excessive private sector indebtedness, unsustainable sovereign debt and banking sector weakness. The EU lacks a global framework which fills in the gaps in a fully integrated financial services policy, with a single supervisory mechanism for banks and a single rule book to govern all financial institutions. It also needs to complete and implement the more effective mechanisms put forward to prevent and correct unsustainable fiscal policies and economic imbalances. Better coordination of tax policies will also be crucial. The progress made through the European semester has also not yet reached its potential in terms. | BUDGET SUMMARY 2013 INCOME TAX The following are details of the Budget Statement of 5 December 2012 as made by the Minister for Finance. Tax Credits There are no changes to tax credits. Tax Credit 2012 2013 Single Person 1 650 1 650 Married or in a Civil Partnership 3 300 3 300 PAYE Credit 1 650 1 650 Widowed Person or Surviving Civil Partner without dependant children 2 190 2 190 One Parent Family Credit 1 650 1 650 Incapacitated Child Credit Max 3 300 3 300 Blind Tax Credit Single Person Married or in a Civil Partnership - One Spouse or Civil Partner 1 650 1 650 Blind 1 650 1 650 Married or in a Civil Partnership - Both Spouses or Civil Partners Blind 3 300 3 300 Widowed Parent Bereaved in 2012 - 3 600 2011 3 600 3 150 2010 3 150 2 700 2009 2 700 2 250 2008 2 250 1 800 2007 1 800 - Age Tax Credit Single or Widowed or Surviving Civil Partner 245 245 Married or in a Civil Partnership 490 490 Dependent Relative 70 70 Home Carer 810 810 Marginal Rate Reliefs Relief 2012 2013 Allowed at the taxpayer s top rate of tax Max Max Employing a Carer 50 000 50 000 Standard Rated Reliefs Allowed at 20 rate band Rent Tax Relief The measures announced in Budget 2011 are unchanged Relief for rent credit will be withdrawn on a phased basis over 7 years by reducing the amount of rent that can be relieved at the standard rate of income tax as indicated in the following table. Tax Year Single Under 55 Single Over 55 Widowed or a Surviving Civil Partner Married or in a Civil Partnership under 55 Widowed or a Surviving Civil Partner Married or in a Civil Partnership over 55 2010 2 000 4 000 4 000 8 000 2011 1 600 3 200 3 200 6 400 2012 1 200 2 400 2 400 4 800 2013 1 000 2 000 2 000 4 000 2014 800 1 600 1 600 3 200 2015 600 1 200 1 200 2 400 2016 400 800 800 1 600 2017 200 400 400 800 2018 0 0 0 0 Claimants who were not renting at 7 December 2010 and who subsequently enter into a rental agreement will not be able to claim relief. Tax Rates and Tax Bands. The tax rates and bands remain .

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