Tánaiste and Minister for Finance Simon Harris has announced a number of taxation changes to "assist families" as he unveils Budget 2027 to the Dáil today (Tuesday, October 6)

The Minister for Finance said the personal income tax package announced today totals €1.3 billion.

The standard rate cut-off point for a single person is being boosted by €2,500 to €46,500.

According to the Tánaiste "people are working hard and doing their best" and that people need to "feel the benefits of economic growth in the daily lives and pockets".

He announced that personal tax credit, PAYE and Earned Income Credit will also increase by €125.

In addition to this the entry thresholds for the Universal Social Charge have been increased - the 3% band will increase to €30,300.

The Home Carer Tax has also been increased by €100.

Budget 2027

The Minister for Finance also announced today that the minimum wage will rise by 79 cent to €14.94.

Tax-free threshold for earnings under the rent-a-room relief will rise to €16,000.

There have also been changes confirmed to the Capital Acquisition Tax thresholds.

As a result the Group A threshold will change from the older threshold of €400,000 to a new level of €420,000.

The Group B threshold will move from the old threshold of €40,000 to €44,000 while the Group C threshold will increase from the old threshold of €20,000 to €22,000.

Separately for small business owners the standard rate of Capital Gains Tax has been reduced from 33% to 31%.

The Minister for Finance has also confirmed further details on the previously announced Investment Account which will be available from July 1 next year.

The first €50,000 in the account will be tax-free and people can put up to €12,000 a year into the account.

Simon Harris today also announced that there will be an increase in the tax exemption to €20,000 in the Childcare Services Relief scheme.

The government has also removed the limit on the number of children that can be minded under the relief.