Pearse Doherty
Question:77. Deputy Pearse Doherty asked the Minister for Finance the number of private renters deemed eligible for the rent tax credit under the allocation provided for it in Budget 2024. [25853/24]
View answerThursday, 13 June 2024
Questions (77)
Written answers
The Rent Tax Credit (RTC), as provided for in section 473B of the Taxes Consolidation Act 1997, was introduced by Finance Act 2022 and may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025.
For Budget 2024, it was estimated that approximately 400,000 individual persons would be eligible to claim the RTC.
It should be noted that RTC claims are made are on a ‘taxpayer unit’ basis. A taxpayer unit is either an individual with any personal status who is singly assessed or a couple in a marriage or civil partnership who have elected for joint assessment.
It should also be noted that in order to receive the full taxable benefit in relation to the RTC, a taxpayer must have an Income Tax liability equal to, or greater than, the RTC claimed in order to offset against it.