Tax at a glance

USC rate changes

The USC rate of 4.75pc, applying to income between €19,372 and €70,000, will drop to 4.5pc. Most middle-income workers will gain about €90. Low-paid will be able to earn €19,874 before paying USC, up from €19,372.

Higher income tax rate entry point comes down

All workers will see a benefit from the rise of €750 in the income tax standard rate band. This means a single earner will stay on the 20pc income tax rate until their income hits €35,300. This is up from €34,550. It rises from €43,550 to €44,300 for married one-earner couples.

Marginal rate down

Tax changes means that the marginal rate goes from 48.75pc to 48.5pc. This applies to people earning between about €20,000 and €70,000.

Home carer tax credit up

The tax credit is for families with a stay-athome spouse caring for children or an incapacity person. The credit rises to €1,500, which means families will be able to earn an additional €300 they do not have to pay tax on.

Inheritance tax change

The tax-free threshold for receiving a gift from parents will be €320,000, up from €310,000.

Self-employed to gain

The earned income credit will rise by €200 to €1,350. Basically, this is money a self-employed person can earn before they pay tax.