The Minister for Finance, Michael McGrath, has urged tenants who are eligible for the Rent Tax Credit to make their claims without delay. While 137,697 people have already successfully claimed the credit for 2022, the Department of Finance estimates the up to 400,000 tenants may be eligible to claim the relief.
The rent tax credit is valued at up to €500 per person, or €1,000 in the case of a jointly assessed couple, and is available for the 2022 to 2025 years of assessment inclusive. As previously outlined, PAYE taxpayers can claim the 2022 rent tax credit by filing a Form 12 via MyAccount PAYE Services, while self-assessed taxpayers can claim the rent tax credit when filing their Form 11 via ROS. In addition, PAYE taxpayers have the option of claiming their 2023 rent tax credit in 2023 by using Revenue’s Real Time Credit facility.
Commenting, the Minister said:
“The Rent Tax Credit was introduced in Budget 2023 as a means to help renters deal with the rising cost of living. This tax credit is different to most as it applies retrospectively for 2022 as well as going forward to 2025.
To date, 137,697 claims have been made in respect of rent paid in 2022. The vast majority of those taxpayers will have received a refund of €500 paid directly into their bank accounts. This is very welcome given that for many, the cost of living pressures are most acute at the beginning of the year.
I would strongly urge tenants who have not already done so, and who are eligible for the Rent Tax Credit, to complete their 2022 tax returns through Revenue’s myAccount without delay so they can claim the refund, and any other tax refunds that they may be due.”
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