Q. I bought my first house six years ago, but traded up almost 3 years ago. Am I still considered a 'first time buyer' and therefore entitled to the increased relief?
A. A first time buyer is a person who is within the first seven years of getting their first mortgage i.e. you will qualify eventhough you have traded up as you are still within the seven year period.
Q. Anything on wind energy?
A. The corporate tax relief for investment in renewable energy projects (including wind power projects) which was due to terminate on 31 December 2006 is to be extended for a further five years, subject to European Commission approval.
Q. Is rent-a- room relief scrapped from 1 January 2007 onwards?
A. No, the rent-a-room scheme has not been terminated, it is being modified. With effect from 1 January 2007, the scheme will be closed off to those who are receiving rent from "connected persons" who are in return claiming rent relief.
Q. Is the BES scheme extended to 2007 or does it end on 31 December 2006?
A. The BES scheme is to be renewed for a further seven years until 31 December 2013. The company limit will increase from €1 million to €2 million (subject to a maximum of €1.5 million in a twelve month period). The investor limit will increase from €31,750 to €150,000.
Q. By how much has the Widows Contributory pension increased?
A. The widow's contributory pension is to be increased by €16 for those aged 66 and over, and by €20 for those under 66.
Q. A married couple with income of about €110K - no mortgage, no children – what will we gain?
A. To assess how the Budget 2007 changes impact on you check out the Ernst & Young 2007 Tax Calculator
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