The budget measures announced include:

• 2011 income tax credits reduced by about 10%
• 2011 standard rate band attracting 20% income tax rate reduced by 10%
• No maximum pay ceiling for employee PRSI
• Self employed PRSI rate increased to 4%
• Health levy and income levy abolished and replaced by Universal Social Charge varying from 0 to 7% depending upon income levels
• Relief for trade union and professional body subscriptions abolished
• Relief for loans to acquire an interest in certain companies to be phased out
• Rent relief to be phased out
• DIRT on ordinary deposits to be increased to 27%, on long term deposits to 30%
• Lifetime limit on termination of employment payments of €200,000
• Exemption from corporation tax and capital gains tax for certain trading start-up companies for three years linked to employer's PRSI
• Capital acquisition tax: Reduction on group tax free thresholds of 20%
• Stamp duty: Residential property 1% (2% for transfers of over €1 million). Many reliefs abolished.
• Property relief: S.23/S.50 reliefs severely restricted
• RCT: rate for certain subcontractors reduced to 20%

Pensions:

• Employee contributions subject to Universal Social Charge
• Employer PRSI exemption for employee pension contribution reduced by 50%
• Annual earning limit reduced to €115,000

Social welfare payments reduced except for old age pension

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