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July stimulus: Surprise tax cut and help-to-buy scheme expanded

The Government has sprung a surprise tax cut, with the main rate of VAT cut from 23 per cent to 21 per cent in the €7 billion “July Jobs” stimulus plan. The tax cut will be in place from September this year to February 2021.

The help-to-buy scheme has also been expanded with homebuyers using the programme now entitled to a tax relief of €30,000, an increase of €10,000.

The “Staycation Subsidy”, which will allow people who spend €625 to claim back in an income tax credit worth €125, with consumers able to upload their receipts to an app on their phone in order to claim the credit.

The Pandemic Unemployment Payment (PUP) will be extended until next April, but the rates will be cut from September, and it will also be closed to new applicants from then.

The temporary wage subsidy scheme (TWSS) is also being extended to the end of March next year, but will be recast a a new scheme from September.

Taoiseach Micheál Martin said the package is an “unprecedented set of measures required by unprecedented times”.

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