Key points of Minister Michael Noonan’s Budget 2012:

• No increase in income tax
• First-time buyers will get mortgage interest relief at 25%
• Measures to help those who bought houses between 2004-2008
• €100 household charge waived for those on mortgage interest supplement
• Increase in Motor Tax from 1 January
• 25 cent increase on 20 cigarettes
• Corporate Tax Rate remains at 12.5%
• 5% surcharge on investors with income over €100,000
• Carbon Tax increased from €15 per tonne to €20 per tonne
• Corporate tax exemption for start-up firms extended to 2014
• Stamp duty on commercial property to be reduced
• PRSI to be extended to cover rental, investment and other forms of income
• Foreign Earnings Deduction to support firms in emerging markets
• €100,000 of R&D expenditure can be used as tax credit
• Special Assignee Relief Programme to be introduced
• Section 23 tax relief changes
• Universial Social Charge exemption level raised to €10,000
• VAT rate raised to 23%
• Capital Acquisitions Tax raised to 30%
• Capital Gains Tax raised to 30%
• Capital Gains Tax incentive for property purchased up to end of 2013
• Citizenship condition for Domicile Levy payment abolished
• Tax exemption for first 36 days of Illness Benefit ended