Laois renters are not claiming their €750 tax credits

Many Laois renters have not availed of their €750 rent tax credit, according to Laois/Offaly TD Charlie Flanagan.

This news comes following reports last May that the average price of renting a property in Laois under a new tenancy has risen to over €1,200 per month.

Deputy Flanagan is urging renters to claim the credit, which was introduced by Fine Gael to help tenants with their monthly rent.

“Under this scheme, individuals can claim €750, and couples can claim €1,500 when jointly assessed," he said.

Tax relief is granted at 20%. For 2024 and 2025, the maximum amount you can be refunded is:

• €1,500 for a jointly assessed couple
• €750 for all other cases.

For 2022 and 2023, the maximum amount you can be refunded is:

• €1,000 for a jointly assessed couple
• €500 for all other cases.

"This is a welcome step for many who may be trying to save to buy a home. The increase in this credit from €500 to €750 in Budget 2024 was an excellent boost for renters across the constituency," said the TD.

The rent tax credit also applies to parents in Laois who pay for their children's student rental accommodation.

"The beginning of the college year is an expensive time for parents, so it’s really important they are aware of the supports available before students go back to college in September," Deputy Flanagan said.

"The scheme also applies if a renter has an arrangement where the tenant shares with the owner or is in a rent-a-room or ‘digs’ arrangement."

“It's easy to claim the credit; renters can do this online through the Revenue’s myAccount system. To avail of the tax credit, a landlord must be registered with the Residential Tenancy Board (RTB)," The TD finished.

If the Rent Tax Credit exceeds your Income Tax liability, you can only receive a partial refund. This refund would be equal to your total Income Tax liability for the year.

Laois County Council have established their first Cost Rental Homes in Laois, advertising the 28 properties as 27% below market rental trends.