Tuesday, 8 October 2019
Financial Resolutions - Budget Statement 2020
-----and the amendments I am introducing will ensure that this objective is upheld.
Capital Acquisitions Tax
I recognise that there are ongoing concerns about the capital acquisitions tax impact on the inheritance of the family home. I have, therefore, decided to increase the lifetime group A tax-free threshold which broadly applies to transfers between parents and their children from €320,000 to €335,000.
In addition to our progressive tax system, the Government's investment in social transfers has significantly reduced the level of inequality in our society. In previous years, I have provided for significant increases in resources. The social welfare allocation I am announcing today is more moderate and targeted. It commits to an increase of €690 million in 2020 for the Department of Employment Affairs and Social Protection. This will enable us to maintain the increases in welfare rates in place, support the elderly and children and families at risk of poverty and protect the most vulnerable from the impact of the carbon tax.
With these goals in mind, I am announcing the payment of a 100% Christmas bonus to all social welfare recipients in 2019.