I have just discovered that I have been, unknowingly, collecting rent tax credit to which I am not entitled. I will explain the situation.
I applied for rent relief in about 2009 for a property I lived in until the late 2011. I had no idea that this would turn into a 'permanent' tax credit that would continue after I left the property.
In late 2011 I moved into a new rented property which I lived in until the I bought the house that I currently live in mid 2013.
Obviously I should not be getting the tax credit at present and will remove it.
Could anyone clarify whether I am entitled to keep the tax credit for the time I spent in rented house number 2 (late 2011 - mid 2013).
Also, I don't really understand what my liability will be for all of this. The tax credit is about €1000 for each year; is this the amount that I will owe the Revenue for each year or is it 20% of €1000?
Thanks in advance for the answers to what are probably stupid questions to regulars on this forum.
I applied for rent relief in about 2009 for a property I lived in until the late 2011. I had no idea that this would turn into a 'permanent' tax credit that would continue after I left the property.
In late 2011 I moved into a new rented property which I lived in until the I bought the house that I currently live in mid 2013.
Obviously I should not be getting the tax credit at present and will remove it.
Could anyone clarify whether I am entitled to keep the tax credit for the time I spent in rented house number 2 (late 2011 - mid 2013).
Also, I don't really understand what my liability will be for all of this. The tax credit is about €1000 for each year; is this the amount that I will owe the Revenue for each year or is it 20% of €1000?
Thanks in advance for the answers to what are probably stupid questions to regulars on this forum.