Tuesday, 8 October 2019
Financial Resolutions - Budget Statement 2020
-----for a further period of two years to the end of 2021.
Living City Initiative
I can also confirm to the House an extension to the living city initiative to the end of 2022.
I have decided to increase the rate of stamp duty applicable to non-residential property by 1.5% with effect from tonight. The commercial property market continues to perform strongly and I expect this increase can be borne by the sector without any significant impact. There are long-standing relief measures that should mitigate the increase in certain circumstances. Normal transitional arrangements will apply for transactions in process.
Stamp Duty Change - Company Acquisitions
I have decided that, with effect from tonight, stamp duty at the rate of 1% will be applicable where a scheme of arrangement involving a so-called "cancellation scheme" in accordance with Part 9 of the Companies Act 2014 is used for the sale of a company. Full details on these two measures will be contained in the financial resolution to be presented to the House later this evening.
The Government has overseen the largest investment in our health service in the history of our State. Building on this, I today announce that current health expenditure is set to increase by 6.3% to €17.4 billion in 2020. This represents a €1 billion increase, which will be used to fund a Supplementary Estimate of €335 million and will ensure that we can continue to respond to the significant demographic changes that are placing greater demands on our health services.