Dáil Éireann Debate, Wednesday - 7 February 2024
118. Deputy Gary Gannon asked the Minister for Finance when the rent tax credit of €750 will be paid out to those who have listed the tax credit on their Revenue Commissioner's account on or before 1 January; and the length of time a person will have to wait to receive their payment if they were to list their rent tax credit now or on any given day. [5724/24]
View answerThe Rent Tax Credit, as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and is available in respect of qualifying payments made during the years 2022 to 2025.
Claims for the Rent Tax Credit for 2022 and 2023 can be made by completing an Income Tax Return. For self-assessed taxpayers, an income tax return can be filed through the Revenue Online Service, and PAYE taxpayers can file an income tax return through myAccount. Any refund of tax due will be transferred to the bank account on record, and the majority of refunds are issued within 5 working days of making a claim.
PAYE taxpayers can also claim in-year relief using Revenue’s Real Time Credit facility on myAccount. This allows taxpayers to receive the benefit of the credit through their payroll over the course of the current year. Following such a claim, an amended Tax Credit Certificate will issue confirming the amount of relief and a revised Revenue Payroll Notification containing the total of the claimant’s tax credits will be made available to their employer. This process typically takes no more than 3 to 5 working days.
For 2022 and 2023, the maximum relief available is €500 per year, or €1,000 for jointly assessed couples. For 2024 and 2025, the maximum relief available is €750 per year, or €1,500 for jointly assessed couples.
Further information is available on the Revenue website at https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/rent-credit/index.aspx
