Treasurer Update
Each G.R.A. Member,
As we enter into 2025 and the year ahead, here are some changes to be aware of which are coming into effect.
Income Tax:
· Standard Rate Band: the threshold of the 20% income tax rate increase by €2,000 allowing a single individual to earn up to €44,000 before the higher 40% rate applies.
Tax Credits:
· The Personal Tax Credit, Employee Tax Credit, and Earned Income Tax Credit each rose by €125, bringing them to €2,000.
Universal Social Charge (USC):
· Rate reduction: the 4% USC rate decreased to 3%.
· Band adjustment: the 2% USC band’s upper limit increased to €27,382, aligning with the national minimum
Rent Tax Credit:
· The rent tax credit increased to a minimum of €1,000 per individual and €2,000 per jointly assessed couple, applicable retrospectively for 2024 and available for 2025.
Energy Credit:
· It was announced in Budget 2025 that all domestic electricity customers will get €250 off their electricity bills. The energy credit will be paid in 2 instalments of €125. The first payment will be made between 1 November and 31 December 2024. The second credit will be made between 1 January and 28 February 2025. The payment is automatic, and you do not need to apply for it. You will see a ‘credit line’ on your bill for €114.68 (this is €125 excluding VAT).
Kind Regards,
Frank Thornton
Treasurer
Garda Representative Association