€500 Rent Tax Credit

Introduced in Budget 2023, the €500 Rent Tax Credit will be available for four tax years (2022 to 2025). The credit will be €1,000 per year in the case of a jointly assessed couple, and €500 in all other cases. Claims for 2022 will begin in January 2023.

Any amount paid in return for the use, occupation, enjoyment and special possession of a property will be considered qualifying payment for the purpose of the rent tax credit.

Landlords are required to have complied with all existing RTB registration obligations for the tenant to claim the €500 Rent Tax Credit.

Conditions:

  1. A formal claim (tax return) must be made by the tenant.
  2. The tenant must have paid rent in the year in question.
  3. The tenant must not be in receipt of HAP, Rent Supplement or RAS.
  4. The tenant must have paid more income tax than the amount of credit for the year.
  5. The credit is not available where the tenancy is exempt from RTB registration.

Landlord Information Required:

  1. The Local Property Tax (LPT) unique reference number
    (you can find on any LPT correspondence you have received from Revenue)
  2. The Residential Tenancy Board (RTB) unique reference number
    (on all RTB correspondence received since the current tenant moved in)

Claimants are not required to provide proof of rental payments, however, the Revenue may request receipts, lease, statement etc. In some instances, Revenue may ask a landlord to provide documentation directly.

Please note that the above is a heavily summarised version and the full document can be found here.

Earnest do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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