LIVE: Budget 2027 Announcements

We will be updating as announcements continue

Budget 2027 is currently being announced.

Tánaiste and Minister for Finance, Simon Harris TD, and Minister for Public Expenditure, Jack Chambers TD, will be making the announcements in the Dáil.

The Tánaiste has just taken to his feet in the Dáil chamber to deliver his first budget.

He has described the budget as one that "addresses todays need with tomorrows musts".

The €8.6 billion package of spending and tax cuts will include more affordable childcare and cost-of-living supports.

The cost of fuel is a major focus, with carbon tax to be lifted on home heating oil, while excise cuts on fuel will be extended beyond winter.

Those paying the higher rate of tax will be up to €750 a year better off with a €2,500 rise in the tax cutoff, and other changes to bands and credits.

EXCISE:

Finance Minister Simon Harris says temporary reduced fuel excise rates will continue beyond the previous plan of November:

Excise duty rates on petrol and diesel to remain reduced until 28th February 2027.

Will be placed back on in four phases after that up to June 30th 2027.

NORA levy cut extension until 31st December 2026.

Diesel rebate scheme extended until 31st December 2026.

INHERITANCE TAX:

Group A: 400,000 to 420,000

Group B: 40,000 to 44,000

Group C: 20,000 to 22,000

INVESTMENT:

New investment scheme will have a tax free threshold of 50,000.

A 1 per cent contribution tax on the value above 50,000.

There will be a maximum contribution of 12k per annum.

State investment accounts will be open from July 1st, 2027.

There will be no exit taxes.

Taxes on investment in offshore funds to drop from 38 to 35 per cent.

CARBON TAX:

Tax on kerosene and gas for carbon to be reduced for 48.50 per tonne for the lifetime of the Government.

INCOME TAX PACKAGE:

Minister Harris has announced he is introducing a personal income tax package of €1.3 billion.

VRT:

Vehicle Registration Tax relief on electric vehicles is being extended until the end of 2028.

Currently, consumers can claim up to €5,000 back depending on a number of factors.

However, the VRT rate on high polluting cars in certain bands is increasing by 1 per cent.

HOUSING:

The Rent-a-Room income relief increased by 2,000 to 16,000.

That will also include 'detached auxiliary dwellings' of 32-45 square metres (sheds and cabins).

The Help to Buy scheme is up from 30,000 to 35,000.

RENT:

Renters tax credit to increase by €150 to €1,150.

AGRICULTURE:

Extending the wear and tear allowance for farm safety equipment to 31st December 2029.

Twelve items have been added to the list of equipment and machinery.

DERELICTION:

Derelict property tax is on the way, with a register to be published on September 1st 2027 and a rate of 7 per cent.

PUBS:

€15m has been given for rural and local pubs in a scheme to be developed in the coming weeks.

HERITAGE:

Increase in the annual threshold for tax relief on the donation of heritage items to Irish national collections from 8 to 12 million.

Ireland Strategic Investment Fund:

The Ireland Strategic Investment Fund is launching a €1 billion investment programme to create the next generation of large Irish companies.

CHILDMINDER:
Childminder tax relief increased by 5,000 to 20,000.

EIRGRID:

€2 billion is to be invested in Eirgrid.

SOLAR:
Microgeneration income tax disregard increasing by 200 to €600 per year for people who sell energy back to the grid.

Research and Development:
A number of changes are being brought to the R&D programmes, to include greater money for subcontracting to third level, changes to clinical trials, and increasing payment thresholds.

Opposition spokespersons will have their say from 2:30pm onwards, starting with Sinn Féin.