Richard Bruton
Ceist:389. Deputy Richard Bruton asked the Minister for Finance the take-up of the landlord relief announced in Budget 2024; the cost of the relief; and if he will make a statement on the matter. [35865/24]
Amharc ar fhreagraMonday, 9 September 2024
Ceisteanna (389)
Freagraí scríofa
Budget 2024 contained a suite of measures in the context of housing policy including the introduction of a new tax relief known as Residential Premises Rental Income Relief (RPRIR). RPRIR provides relief, at the standard rate, on a portion of a landlord’s residential rental income.
The relief is €3,000 in the tax year 2024, €4,000 in the tax year 2025 and €5,000 in the tax years 2026 and 2027, which is equivalent to a tax credit of up to €600, €800 and €1,000 respectively.
I am advised by Revenue that as RPRIR applies to income from the tax year 2024 onwards and given that there are qualifying conditions as at 31 December 2024 that need to be satisfied, no claims have been received to date and are not expected to be received until 2025.
The first year cost of RPRIR is estimated to be €45 million and the full-year cost is estimated to be €160 million.
Further information on RPRIR is available at the following link: revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/rprir/index.aspx