It has been estimated that 400,000 may be considered eligible for a cash boost in the upcoming budget, with the Minister for Housing, Darragh O’Brien, wanting to increase scheme
The Minister for Housing, Darragh O’Brien, explained that he wants to see the rent tax credit “increased and expanded” in Budget 2024. Read more: Four money changes that workers can expect in Budget 2024
The politician continued: “I am acutely aware, particularly for those who are renting - people paying rents way above the odds - and you know, that’s why we brought in the renters’ tax credit, for argument’s sake, in the budget last year. “I want to see that increased and expanded in this year’s budget. That’s a real measure to help with a reduction in rental costs.”How much is the Rent Tax Credit? The amount of the credit is 20% of your rent payments in the year, up to a maximum credit of:
If a smaller amount would reduce your income tax to zero, that amount is the maximum credit you can get. If a number of tenants pay the rent for a property, each individual or couple can claim the Rent Tax Credit for the rent they pay.Who can claim the Rent Tax Credit? You can claim the credit for rent payments you have made for:You cannot claim for rent payments on a property that you get housing support for, including:You can find out more about this tax credit here.Join our new WhatsApp community! Click this LINK to receive your daily dose of RSVP Live content.
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