Thousands of renters now entitled to €750 off their rent with new Govt credit

The Rent Tax Credit is now available for 2024 and has risen to €750.

The amount of the credit is 20% of your rent payments in the year, up to a maximum credit of €750 for an individual or €1,500 for a couple who are jointly assessed for tax.

The credit, introduced in 2022, was raised from €500 to €750 in Budget 2024 as part of measures to address the cost of living crisis.

Launching the increase in the Rent Tax Credit on January 9, Minister for Further & Higher Education, Research, Innovation & Science Simon Harris said that this is "just one of a number of measures we're trying to take to put money back in your pocket and to help families right across Ireland."

The renters tax credit is now available for 2024. It’s €750 per renter and this year we have also extended it so that parents who are paying for a child’s accommodation in college can claim it too ( & also potentially backdate it for the 2 previous years for €500 for each year) pic.twitter.com/55xM414Nl0

— Simon Harris TD (@SimonHarrisTD) January 9, 2024

If a number of tenants pay the rent for a property, each individual or couple can claim the Rent Tax Credit for the rent they pay.

Your tenancy must be registered with the Residential Tenancy Board (RTB) to claim, unless it is a type of tenancy where this is not required, called a licence arrangement, such as a rent-a-room or digs arrangement.

The tax credit has also been extended to parents who pay the rent of their student children living in ‘digs’, backdated to allow for claims to be made for the years 2022 and 2023.

Whether you are a PAYE taxpayer or self-assessed, you can claim your tax credit through the Revenue Online Service (ROS).

For more details on the Rent Tax Credit, see citizensinformation.ie.