For many workers the tax changes announced in Budget 2018 will only have a relatively small effect.

Somebody earning €18,000 gets an additional €6 weekly.

But much of that increase is due to the rise in the minimum wage paid by their employer instead of a cut in taxes.

Take the example of a person on €20,000. They will only get an additional €1 every week.

However, somebody on €35,000 annually gets an extra €5 weekly.

An individual on €75,000 will have an extra €6.

The self-employed will pay €200 less in tax because their tax credit rises – although it still lags behind that of PAYE workers.

The tax cuts and spending rises in the Budget are partly financed by a big hike in the stamp duty on commercial property transactions.

The State projects that it will collect an additional €376m from increasing that tax from 2% to 6%.

That step has given the Government a lot more room for manoeuvre in the Budget.

It has allowed a package which gives a little bit of money to almost everyone while at the same time balancing the books.

However, the risk is that if the commercial property market flags next year, the Government will not collect as much as forecast.

There was probably a reasonable argument for hiking commercial stamp duty considering it had been cut from 9% to 2% over recent years to stimulate investment in the sector following the crash.

The other significant hike was in the vacant site levy.

This is a tax designed to stop the hoarding of property which could be used for housing. It is increasing from 3% to 7%.

However, the legislation has a big loophole. If the site is in negative equity, the tax will not apply. Many sites are in negative equity – that perhaps explains why there have been so few complaints about the increase in the tax.

Comment via twitter @davidmurphyRTE