I will post the headlines and major items as Brian Cowen delivers Budget 2008. The bookies seem to think the Petrol, Cigarettes and Drink are set for a rise. And will it be a change in Stamp Duty or Mortgage Interest Relief that will be the choice to try and kickstart the housing market.

Stamp Duty
The first €125,000 has no stamp duty. Anything above this and below €1million is taxed at 7%. Anything over €1million is taxed at 9%.

Vehicle Registration Tax & Motor Tax
VRT for cars registered after 1 July 2008 will be determined by CO2 emissions rather than by engine size. There will be seven new VRT rates ranging from 14% to 36%. A VRT exemption for electric cars and mopeds will be introduced from 1 January 2008. Existing incentives for hybrid cars are extended to 1 July 2008.

Motor tax is to be increased by 9.5% for smaller cars (less than 2.5 litres) and by 11% for larger cars from 1 February 2008. Motor tax will be linked to CO2 emissions from 1 July 2008.

Income Tax
The personal tax credit is to be increased by €70  to €1,830 for a single person and by €140 to €3,660 for a married couple. The employee tax credit is to be increased by €70 to €1,830. The standard rate cut-off point is being raised to €35,400 for a single person, €44,400 for a married couple with one income, and €70,800 for a married couple with two incomes.

Mortgage Interest Relief
Mortgage interest relief for first-time buyers has been increased by €2,000 to €10,000 for a single person and from €4,000 to €20,000 for a married couple or widowed person. This additional relief will be available for the first seven years for which there is an entitlement to mortgage interest relief.

Payment Cards

Stamp duty on credit cards is to be reduced from €40 to €30, on combined cards from €20 to €10, and from €10 to €5 on ATM and debit cards. The stamp duty on cheques is to be increased from 15 cent to 30 cent. Banks will be required to make a preliminary tax payment for stamp duty on financial cards.