Enhancement of Parent Relief I will also enhance income tax reliefs to give greater encouragement and recognition to individuals supporting their parents and grandparents. I will increase parent relief and handicapped parent relief by up to $3,000, with those individuals who are staying with their elderly dependants enjoying a higher relief quantum. (See Table 5.) Table 5: Parent Relief and Handicapped Parent Relief Relief Quantum Current Relief Type of Relief With Effect Quantum From YA2015 Parent Relief $7,000 $9,000 (Staying with dependant) Parent Relief $4,500 $5,500 (Not staying with dependant) Handicapped Parent Relief $11,000 $14,000 (Staying with dependant) Handicapped Parent Relief $8,000 $10,000 (Not staying with dependant) This measure will benefit about 170,000 individuals, supporting 208,000 dependants. It will cost about $27 million a year. Currently, the relief for a parent can only be claimed by one child. Following a public consultation last year, I will allow the sharing of parent relief in recognition that care for parents is a shared responsibility among family members. (Refer to Annex A-5.) Greater Support for Persons with Disabilities Our next set of initiatives for Budget 2014 concerns support for persons with disabilities. We have over the last decade significantly expanded support for them, to help at each stage of their lives.
Enhancement of Parent Relief I will also enhance income tax reliefs to give greater encouragement and recognition to individuals supporting their parents and grandparents. I will increase parent relief and handicapped parent relief by up to $3,000, with those individuals who are staying with their elderly dependants enjoying a higher relief quantum. (See Table 5.) Table 5: Parent Relief and Handicapped Parent Relief Type of Relief Current Relief Quantum Relief Quantum With Effect From YA2015 Parent Relief (Staying with dependant) $7,000 $9,000 Parent Relief (Not staying with dependant) $4,500 $5,500 Handicapped Parent Relief (Staying with dependant) $11,000 $14,000 Handicapped Parent Relief (Not staying with dependant) $8,000 $10,000 This measure will benefit about 170,000 individuals, supporting 208,000 dependants. It will cost about $27 million a year. Currently, the relief for a parent can only be claimed by one child. Following a public consultation last year, I will allow the sharing of parent relief in recognition that care for parents is a shared responsibility among family members. (Refer to Annex A-5.) Greater Support for Persons with Disabilities Our next set of initiatives for Budget 2014 concerns support for persons with disabilities. We have over the last decade significantly expanded support for them, to help at each stage of their lives.
FY2014_Budget_Statement.docx