Financial Resolution No. 7: Universal Social Charge

(1) THAT section 531AN of the Taxes Consolidation Act 1997 (No. 39 of 1997) be amended—

(a) in subsection (1) by substituting the following for paragraphs (a) and (b):

"(a) at the rate specified in column (2) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is–

(i) aged under 70 years, or

(ii) aged 70 years or over at any time during the tax year and has aggregate income that exceeds €60,000,

or

(b) at the rate specified in column (3) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is aged 70 years or over at any time during the tax year and has aggregate income that does not exceed €60,000.",

(b) in subsection (3) by substituting "an individual is in receipt of aggregate income which does not exceed €60,000, is aged under 70 years" for "an individual is aged under 70 years", and

(c) by substituting the following for the Table to that section:

“TABLE

Part of aggregate income

(1)

Rate of universal social charge

(2)

Rate of universal social charge

(3)

The first €10,036

2%

2%

The next €5,980

4%

4%

The remainder

7%

4%

(2) THAT this Resolution shall have effect as on and from 1 January 2013.

(3) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).