Did you know that you there is a tax credit available from this month to anyone paying rent on private rental accommodation. Introduced in Budget 2023, this credit is also available to parents who paid rent for a son or daughter to study away from home in 2022.
This is a substantial tax credit which, once claimed, will mean that a refund of €500 will go straight into people’s bank accounts. Where a couple are renting they will be refunded €1,000 as the credit is per tenant, not per property.
The rent tax credit will be available for the 2022 to 2025 years of assessment inclusive. The first opportunity for claims for the 2022 year of assessment is this month. It is estimated that some 400,000 people could benefit from the credit which PAYE people can claim now through Revenue’s myAccount platform. Self-assessed taxpayers will be able to submit their 2022 Income Tax Return through ROS, and include a claim for the rent tax credit on same, from 24th January.
Comprehensive guidance, including who may claim the credit and in what circumstances, applicable conditions and how to claim etc., is available on the Revenue website, www.Revenue.ie.