Budget Explainer rent tax credit up to €1150

[Brendan Burgess]

double for married

 

[Horatio]

Anything for Full time students not in receipt of SUSI or any grant?

I'm paying 100% my sons on campus rent.

I remember when I went to College my father set up a covenant which had some tax benefits for him that I didn't understand at that time & still don't.

 

[ClubMan]

I remember when I went to College my father set up a covenant which had some tax benefits for him that I didn't understand at that time & still don't.

Covenants are much more restricted these days than a few decades ago. It used to be possible to do them for anybody at one stage. I did loads of them to help family members out and it was a great (legal) tax avoidance scheme.

Covenants that qualify for relief

A covenant is a legal agreement you make to pay money to another person

www.revenue.ie

 

[ClubMan]

Anything for Full time students not in receipt of SUSI or any grant?

I'm paying 100% my sons on campus rent.

Further conditions where a property is used by your child

This page outlines the additional conditions which must be met where a property is used by your child

www.revenue.ie

Parents who pay rent for their children may be entitled to claim the Rent Tax Credit.

 

[Horatio]

Thank you @ClubMan , I'll take a look at that.

 

[C2H5OH]

@Horatio Just to confirm what @ClubMan said
I claimed it for my daughter for the academic year 2022 to 2023. I got a letter from the college campus accommodation which they had on file which satisfied revenue and had the necessary information to claim online. As it was her last year, I actually split it over the 2 tax years Sep to December 22 and Jan to May 23. It was dealt with very quickly by revenue and got the refund in a few days. You can also claim for previous years if applicable.