Published on 

Finance Bill 2016 Published

The Government has today published the Finance Bill 2016. 

The Bill includes the Budget Day announcements such as measures to implement the reductions in the USC, the increases in the home carer tax credit and the earned income tax credit, as well as various measures to help housing supply, first time buyers and renters including the new Help to Buy Scheme. It also includes a number of initial measures as a first response to BREXIT, by extending the Foreign Earnings Deduction and Special Assignee Relief schemes until 2020, reducing the capital gains tax rate for entrepreneurs relief to 10%, allowing farmers to ‘step out’ of income averaging in  a year of poor income, and introducing a fishers tax credit. It also provides for the Budget Day announcement of the increase in the excise duty on cigarettes by 50 cent.

Commenting on the publication Finance Minister Michael Noonan said:

I welcome today’s publication of the Finance Bill 2016. The Bill has been finalised and published quickly after the Budget and focuses on implementing the main tax changes announced on Budget Day. This is in line with the recommended process of budgetary reform. As always, I am looking forward to a stimulating and engaging debate with my parliamentary colleagues in relation to the provisions contained in the Bill.

For further detail see the Department of Finance website.