The Minister made a number of changes to the Universal Social Charge as well as an increase in the standard rate income tax bands effective from January 2018. The Minister also increased all weekly social welfare payments, including an increase in the State Pension of €5 per week with effect from the last week in March 2018.
Currently in Ireland we have almost “The Perfect Storm” for Savers. Firstly, we have a situation of very low interest rates affecting the returns we get from our savings. Secondly, we have one of the highest Tax rates on deposits, which is currently 39% of the interest you earn. If you add to this the rising costs of buying a property or putting your child/children through school, then you get “The Perfect Storm” or treble whammy.