The dust is starting to settle on Budget 2015. Read the official summaries of the budget measures and the detailed analysis from leading accountancy firms.

The finance minister announced a reduction in the higher rate of income tax from 41% to 40%.

He also announced an increase in the standard rate band of income tax by €1,000 (from €32,800 to €33,800) for single individuals and for married one-earner couples (from €41,800 to €42,800). These income tax measures will cost the government an estimated €405m annually.

Budget 2015 measures will introduce USC exemptions for those on incomes of €12,012 or less, while those on incomes of over €70,000 will pay a USC rate of 8%.

The other USC charges have been altered to 3.5% (for incomes of between €12,013 and €17,576) and 7% (€17,577 to €70,044).

In Association with

Self-employed individuals with an income in excess of €100,000 will fall into a new 11% band for USC.

Individuals aged 70 years and over whose aggregate income is €60,000 or less will pay a maximum rate of 3.5% USC. The USC modifications will cost the government €237m annually.

Changes to the Employment and Investment Incentive (EII) raise company limits, increase the holding period by one year and include medium-sized companies in non-assisted areas and internationally traded financial services.

Hotels, guest houses and self-catering accommodation will remain eligible for a further three years and the operating and managing of nursing homes will be included for three years.

Noonan also announced that the Seed Capital Scheme will be rebranded as 'Start-Up Relief for Entrepreneurs', and will be extended to individuals who have been unemployed up to two years.

Other tax measures include changes to the R&D Tax Credit scheme, where the 2003 base-year restriction will be removed from January 1 2015, at a cost of €50m to the government coffers.

The three-year corporation tax relief measure for startups on their trading income (and certain capital gains) will be extended to businesses setting up in 2015.

Noonan has also removed the restriction on capital allowances for the provision of specified intangible assets. The use of such allowances in any accounting period was heretofore restricted to a maximum of 80% of the trading income from the relevant trade in which the acquired assets are used. That restriction will now be removed, at a cost of €27m to the government.

As expected, the 12.5% corporation tax has not been changed, while the 9% VAT rate for the tourist sector has been retained.

The much-maligned pensions levy will be 0.15% for 2015,as previously advised, and will not be extended beyond December 2015.

The minister confirmed that Capital Gains Tax waiver that has been in place for the last number of years enabling purchasers of real estate to avail of a seven year exemption from CGT is to be phased out by year-end 2014.

A single, private-sector employee on a gross income of €35,000 will be better off by around €8 per week (or €396 per annum) as a result of the budget changes to income tax and USC.

For individuals earning €55,000 p.a. they'll be looking at an extra €11 (€596 p.a.) in their weekly pay, while those on €70,000 and above benefit to the tune of €14 per week (€747 p.a.).

+ For more details on Budget 2015's tax measures, see here.

+ For Department of Finance summary of the impact of income tax and USC changes, see here.

+ For Budget 2015 analysis from accountants BDO, click here.

+ For Budget 2015 analysis from accountants Mazars, click here.

+ For Budget 2015 analysis from PwC, click here.

+ For Budget 2015 analysis from RSM Farrell Grant Sparks, click here.

+ For Budget 2015 analysis from DBASS, click here.