Budget 2023: The timetable for the entry into force of the announced new measures

Paschal Donohoe and Michael McGrath yesterday announced a €11 billion budget to guide the country through the next 12 months of uncertainty.

Included in the 2023 budget was a €4.1 billion living expenses package aimed at alleviating short-term problems from soaring energy bills to rising rents.

As always with a budget, the intricacies of the immediate aftermath are far from clear, with some measures taking effect immediately and others over the course of the next six months or more.

Independent.ie has compiled a list of the measures announced in Budget 2023 and when they will come into effect.

electricity loan

One of the key measures taken by the government to help with never-ending energy price hikes was the €600 credit that will be deducted from customers’ electricity bills over the next three billing cycles, expected to be November, January and March.

For each invoice, €200 will be deducted from the total amount.

As a pay-as-you-go customer, your account will be credited with €200 in each of the three months mentioned above.

Renter Tax Credit

Another big government announcement was that tenants will claim a €500 tax credit to help with rent increases and bills.

You can apply for the tax credit for 2022 and for the coming year.

However, renters should be aware that they may not receive the full €500 as other ‘liabilities and loans’ are taken into account. Individuals receiving HAP or other housing assistance also do not qualify.

Details from the government are a little sketchy on when people can start making claims, with Housing Secretary Darragh O’Brien saying any forthcoming finance bill will first have to be signed into law.

The best estimate is that this legislation will come into force before the end of 2022, with Secretary O’Brien saying payments for 2022 are likely to come in “early 2023”. This tax credit can be applied for through the tax office.

Income tax breaks and other tax credits

The government has raised the top rate of personal income tax (40 percent) from €36,800 to €40,000.

The tax credits classified as the “main tax credit” are also increased by €75 for everyone, while the tax credits for carers increase by €100.

These relate to the 2023 financial year.

social benefits

Social benefits, including unemployment benefits and the statutory pension, will be increased by 12 euros a week, the government announced yesterday.

This applies from the first payment in 2023.

There will also be lump sum payments to the recipients of these payments before Christmas.

Retirees and job seekers will see a double payout week in October (probably the last week of October), and they’ll also get the usual double payout before Christmas in early December.

Recipients of the sole maintenance allowance will receive an additional one-time payment of 200 euros in November.

Parents receiving child benefit will receive a double payment of €140 per child in November. The announced increase in child benefit by €2 per week will come into effect in January.

fuel allowance

More than 80,000 extra people are now eligible for the fuel allowance as the threshold was raised by €80 a week yesterday. This will come into effect in January.

The fuel subsidy rate of €33 per week has not changed, but recipients will receive a one-time payment of €400 in November this year.

Reduction of child care costs

Childcare costs in Ireland are among the highest in the EU and the government has sought to ease the burden on young families by cutting costs in the 2023 budget.

This results in a reduction of up to 25 percent per month, as registered childcare facilities will be required to cut their fees by €170 per month.

This reduction will take effect from January 1st next year.

transport

Public transport costs will remain unchanged for 2023, with fare reductions of 20 percent for adults and 50 percent for youth ticket holders extended through the end of 2023.

Tuition reduction and grant payments

The news that the tuition fees for this year will be reduced by 1,000 euros was music to many ears and it goes hand in hand with the news that there will be a double scholarship payment to SUSI recipients in December.

Anyone who has already paid the tuition fee of €3,000 will be reimbursed €1,000.

Student grants will also increase between 10 and 14 percent in January, depending on how much her family earns.

Abolition of inpatient hospital fees

From April 2023, inpatient hospital accommodation fees are to be abolished. This saves up to 800 euros per year for cancer patients who regularly spend the night in hospital.

Other health initiatives

Free contraception for women aged 16 to 30 (previously 17 to 25) is expected to come into effect from September 2023. However, the move requires legislation to be passed, hence the delay.

About 430,000 more people will be entitled to free GP visits from January 2023 under the government’s proposed plans.

The phase-in of publicly funded IVF financial assistance for people undergoing fertility treatment will not begin until September next year.

cigarettes

The price of a pack of 20 cigarettes went up 50 cents at midnight last night. One of the “old reliables”, changes in the price of cigarettes are always instantaneous.

Free textbooks for elementary schools

Free textbooks for elementary school students come into effect in September 2023.

The move is expected to benefit up to 500,000 students and their families.

https://www.independent.ie/business/budget/budget-2023-the-timeline-for-when-the-new-measures-that-were-announced-come-into-effect-42024637.html Budget 2023: The timetable for the entry into force of the announced new measures

Fry Electronics Team

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