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CASH WITHDRAWALS TO BE TAXED! WHAT DOES IT ACTUALLY MEAN?
By Aoife Ní Dhubhghaill
As announced in the Budget, changes were made by the Finance Act 2015 to levy stamp duty on withdrawals of cash from automated cash machines. This was to replace the flat rate charge on debit and cash cards and comes into effect from January 1st.
With effect from 2016 and future years the Home Carer Tax Credit has been increased to €1,000. Previously this has been running at €810 a year.
In addition the income limit for the carer has been increased to €7,200 from €5,080. Once this limit is exceeded then the amount of tax credit due is tapered downwards. Once income for the carer has exceeded €9,200 (€6,700 in previous years) then no tax credit is due.