Watch out for a possible sting in the budget’s tail

The pre-budget threshold from parent to child was €310,000 and this has now been increased to €320,000.

• Pension increase

The state pension has been increased from €242.30 per week to €248.30, and the qualified adult dependent (over age 66) has gone from €218 to €222.50. Overall this gives a spouse and his/her adult dependent where both are over age 66 a combined annual pension of €24,952 to include the Christmas bonus. If both spouses are eligible for a pension in their own right the combined annual pension is €26,320.

• Self-employed are to become eligible for Jobseekers’ Benefit

From October 4, 2019, selfemployed persons will be eligible for jobseekers’ benefit. This is unlikely to benefit farmers as the availability of Farm Assist is currently there for people with low incomes.

When one takes account of the totality of measures, everyone is a winner to some extent. Some will benefit far less than others, such as a typical single person on the average industrial wage of €37,000, who will be better off to the tune of €14.38.

Contrast that with a not untypical farm family as described in the case study set out at table A where the before-tax increase in their household income is 5pc.

farming@independent.ie