Finance Bill 2024 Highlights

Personal Tax

Finance Bill 2024 includes provisions to legislate for the 2025 personal income tax package announced by the Minister for Finance on Budget Day, which will cost an estimated €1.6 billion in 2025. Find out more here.

Capital Taxes

Key changes include adjustments to Capital Gains Tax, such as increases to the upper age limit for Retirement Relief and a new clawback mechanism. Capital Acquisitions Tax thresholds have been increased, and Angel Investor Relief has been enhanced to promote investment in innovative enterprises. Read more here.

Business Tax

Significant changes in Business Tax include the introduction of a Participation Exemption for Foreign Dividends, enhancements to the R&D Tax Credit, and an extension of reliefs for listing expenses. Additional measures provide continued support for start-up companies and incentivise corporate innovation. Discover more details here.

Farming Measures

The Bill extends the duration of key stock relief measures and increases the Farmer's Flat Rate compensation. Further amendments include updates to the Capital Acquisitions Tax Agricultural Relief and expansions to the Accelerated Capital Allowances for Farm Safety Equipment. Read more here.

Property Related Measures

Enhancements in Property Related Measures include an increase in the Rent Tax Credit, the extension of the Help to Buy scheme, and a further rise in the Vacant Homes Tax rate. These provisions aim to encourage housing development and offer relief to taxpayers. Find out more here.

Vehicle Taxation

The Bill extends the BIK exemption for Battery Electric Vehicle (BEV) home chargers and introduces an emissions-based VRT for category B vehicles. A reduction in the weight carriage ratio for electric commercial vehicles is also included to support the transition to lower-emission transport. Learn more about vehicle tax measures here.

Tax Measures for Sports Bodies & Charities

This section introduces tax exemptions for National Governing Bodies (NGBs) on funds invested for up to ten years, promoting sports participation and capital projects. Additionally, the Bill removes the waiting period for charities to obtain tax relief on donations and extends the application period for tax-relieved funds. Find out more on sports and charity tax measures here.

VAT

VAT registration thresholds for goods and services will increase from 1 January 2025, and the Bill also extends the reduced VAT rate for gas and electricity. A new VAT reduction on heat pumps is introduced to encourage the adoption of energy-efficient systems in homes. Read more about VAT changes here.

Excise

The Bill includes an increase in excise duty on tobacco products, alongside the introduction of excise duty on e-cigarettes, which will commence in mid-2025. These measures aim to support public health objectives. Find out more on excise duties here.

Additional information

For more specific changes included in the Finance Bill 2024, read the following expert insights:

• Key VAT changes
• Impact on Financial Services
• Employment Taxes Update
• Private Clients Tax Update

Finance Bill 2024 Timetable

The expected timetable for the various stages of Finance Bill 2024 is as follows:

Please note that this timetable is subject to change. 

It is expected that Finance Act 2024 will be signed into law before the end of 2024.

Department of Finance Documents

• Finance Bill 2024
• Finance Bill 2024 - Explanatory Memorandum