Finance Bill 2024
The Minister for Finance, Jack Chambers, published the Finance Bill 2024 for approval on Thursday, 10 October. The Bill implements the taxation changes announced on Budget Day. Some of the more notable changes include:
Small Benefit Exemption
- The increases announced in the Budget will take effect from 1 January 2025.
National Governing Sporting Bodies
- The Bill introduces an exemption from tax on investments for a period of up to 10 years, provided funds are ultimately used for qualifying activities.
- DIRT refundable.
- Donations to National Governing Bodies (NGBs) for the promotion of participation in sports by women and those with disabilities will attract tax relief.
- Donors (PAYE and Self Assessed) may elect for the tax relief to apply to the sporting body or to themselves.
Pensions
- Contributions by employers to PRSAs to be capped at 100% of employee’s emoluments from that employment in the previous year of assessment.
- The Standard Fund Threshold to increase to €2.8m by 2029 and from 2030 will be indexed linked.
Stamp Duty
- Bulk Acquisitions – higher rate of Stamp Duty at 15% will apply to the acquisition of 10 or more residential properties in any 12 month period. Increased rate will not apply to apartments.
- New rate of 6% on residential properties over €1.5m will not apply to acquisitions involving three or more apartments.
