If you paid rent in 2022 you may be entitled to a Rent Tax Credit.Budget 2023 announced a new Rent Tax Credit for the tax years 2022 to 2025 inclusive. The Rent Tax Credit reduces the amount of PAYE /Income Tax that you are due to pay for a tax year.
The amount of the credit is 20% of your rent payments in the year, up to a maximum credit of:
€500 for an individual
€1,000 for a couple who are jointly assessed for tax
If a smaller amount would reduce your income tax to zero, that amount is the maximum credit you can get.
If several tenants pay the rent for a property, each individual or couple can claim the Rent Tax Credit for the rent they pay.
You can claim the credit for rent payments you have made for:
A second home that you use to take part in your work or an approved course (a course that is eligible for tax relief on third-level fees)
A property that is used by your child to take part in an approved course, if they are under 23 at the start of their first year.
You cannot claim for rent payments on a property that you get housing support for, including:
A PAYE worker can claim this tax credit on their myAccount profile. If you are self-employed, you can claim it on your Form 11 when submitting it for 2022.
The video below will guide you through the process of claiming your rent tax credit for 2022 on your myAccount profile.