July stimulus: Surprise tax cut and help-to-buy scheme expanded

Covid unemployment payment to be extended until April 2021 but closed to new applicants

An Taoiseach Micheál Martin says that the Government is "determined to protect as many businesses and jobs as possible" as a stimulus package is announced. Video: RTÉ

The Government has sprung a surprise tax cut, with the main rate of VAT cut from 23 per cent to 21 per cent in the €7 billion “July Jobs” stimulus plan. The tax cut will be in place from September this year to February 2021.

The help-to-buy scheme has also been expanded with homebuyers using the programme now entitled to a tax relief of €30,000, an increase of €10,000.

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