May 23

Budget 2011

The below is a brief synopsis of the details of the Brian Lenihans 2011 Budget. For a more comprehensive look at the Budget Click Here.


  • No change to 12.5% corporation tax rate.
  • Accelerated capital allowances scheme for energy efficient equipment timeframe to be extended.
  • Replacement of Income Levy and Health Levy with a single Universal Social Charge.
  • Removal of employee PRSI contribution ceiling.
  • Reduction in value of income tax bands and credits by 10%.
  • DIRT to be increased by 2%.
  • Excise on petrol to be increased by 4c per litre on petrol and 2c per litre on auto diesel.
  • Fundamental reform of stamp duty on residential property for new contracts from 8 December 2010, with a flat rate of 1% for all residential property transactions up to €1m and a 2% rate applying to amounts above €1m. All existing reliefs and exemptions to Stamp Duty on residential property will be abolished, which means first time buyers exemption is removed.