You’re an unmarried couple who are living together. You both work for the same employer. You both earn €40,000 each — or €80,000 in total. You are paying €1,600 a month in rent and so are eager to get on the property ladder.
You will take home €62,846 after tax next year — €402 less than in 2006, according to Alison Mchugh, director of private clients with Deloitte. “This couple’s fall in income is mainly due to the availability of the rent tax credit in 2006,” said Mchugh. “The rent credit will be fully abolished from 2018.” The rent tax credit, which will end this year, is a tax credit which can be claimed by some of those renting private accommodation. On the plus side, the Help-to-buy scheme, which gives first-time buyers up to €20,000 towards the cost of buying a new home, is being retained. But, the cuts to — and phasing out of — mortgage interest relief will be a financial disadvantage should you manage to buy a home. You’re a wealthy man in his early 50s with assets worth €50m. Those assets include about €40m worth of Irish property, €5m worth of Irish shares and €5m worth of other savings and investments. You are also earning a salary of €2m a year as chief executive of a major Irish firm. On top of this, you are earning about €500,000 in dividends and rental income. You are married and your spouse isn’t working. You and your wife have three adult children who