While the budget may be the day that grabs the attention, it is the Finance Bill that often has the biggest impact on the personal finances of the nation. And so it is this year. While October’s budget will see households across the State benefit to the tune of a couple of hundred euro or so a year, changes announced in the subsequent Finance Bill may have a bigger impact – at least for retirees, potentially increasing their personal income tax bill by about €1,300 a year.
The Finance Act is due to be enacted by the end of the year, which means that, unless challenged, the proposed amendments will come into play in January. So what are the changes and who will they impact?