From 2022, Ireland will introduce a new rent tax credit, which will help to reduce the burden of rising rental costs for tenants. This credit will be available to both private and social tenants, and will be based on the rent paid over a 12-month period. The amount of the credit will be based on the amount of rent paid, and it is estimated that it will save tenants up to €1,500 per year. This tax credit could be a major help to those who are struggling with the rising cost of rent in Ireland, and could be a lifeline for those who are struggling to make ends meet. It is hoped that this credit will help to reduce the financial burden for tenants, and allow them to keep more of their hard-earned money.
Who can apply
Subject to a number of conditions, the Rent Tax Credit may be available where you pay rent for:
- your principal private residence
- another property you use to facilitate your attendance at work or on an approved course and
- a property used by your child to facilitate their attendance on an approved course.
How much is it worth?
The maximum credit available to you each year will be:
- €1,000 if you are a jointly assessed married person or civil partner or
- €500 in all other cases.
How to apply
As per Revenue, you can claim the tax credit for rent paid in 2022 through ‘MyAccount’, on the Revenue Website, but this does not appear to be live as yet. We will keep you updated on this.
Please note this article is for information purposes and does not constitute advice. Details correct at time of publishing.