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Thousands of tenants who have yet to avail of the rent tax credit, a Fine Gael Minister has said.
Minister of State at the Department of Housing Alan Dillon said that thousands of renters are still eligible to avail of the €750 rental tax credit or €1,500 for a couple – a measure designed to help tenants with their monthly rent.
“I’m urging renters across the country not to forget to claim their rent tax credit,” he said in a statement today, adding: “…Claiming the rent tax credit is easy to do and the money be applied to your overall tax credit shortly after it’s claimed through Revenue.ie.”
Dillon said that the rent tax credit had been claimed by “well over 360,000 people over the past two years.”
“I also want to remind parents who pay for their children living in Rent a Room or digs accommodation, that they too can claim the rent tax credit,” he said.
It is estimated that approximately 400,000 individuals are entitled to the rent tax credit nationwide.
“The renters tax credit is of important financial assistance to those who avail of it as a means to reduce their household costs,” Dillon continued.
“I believe the tax credit should be increased further in the forthcoming budget as a means to continue to support renters and parents of student renters.
“I would encourage all renters who have not yet claimed their renters tax credit to do so on revenue.ie.”
According to the Revenue.ie website, the Rent Tax Credit is available for the tax years 2022 to 2025.
The Rent Tax Credit reduces the amount of Income Tax that you are due to pay for a tax year – though to benefit from it, “you must have an Income Tax liability to offset against it.”
“The amount of Rent Tax Credit you can claim will be calculated for you when you submit your claim,” the Revenue site say.
“This amount will depend on the amount of rent you pay and Income Tax you pay.
“Rent means the amount you pay for use of the property. It does not include any amount you pay for extra services such as utilities, board or laundry. You should exclude any amount you pay for these services when calculating the rent you pay.”
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