No. The covenant can be for as much as you like, but you can only get tax relief up to 5% of your income in any year. So if the covenant is higher than 5% you don't get relief on the excess.So when you set up the deed, the max you can covenant is 5% of your income in that particular year?
Your tax responsibilities
A covenant is a legal agreement you make to pay money to another personwww.revenue.ie
Sorry....where does one post the forms to?
I tried searching but its confusing. Is it my local tax office?
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