Renters urged to claim €500 tax relief as soon as possible

The tax credit is valued at up to €500 per person or €1,000 for jointly assessed couples

Renters eligible for the rent tax credit are being urged to make their claims as soon as possible.

The tax credit is valued at up to €500 per person or €1,000 for jointly assessed couples and is available to tenants who have paid rent in 2022, as well as for 2023, 2024 and 2025.

The Department of Finance estimates that up to 400,000 tenants may be eligible for relief, while nearly 138,000 claimants have already applied for and received their refund.

Finance minister Michael McGrath says the number of claims so far is "very welcome" given the cost of living pressures at the beginning of this year.

“The Rent Tax Credit was introduced in Budget 2023 as a means to help renters deal with the rising cost of living," he said.

"I would strongly urge tenants who have not already done so, and who are eligible for the rent tax credit, to complete their 2022 tax returns through Revenue’s myAccount without delay so they can claim the refund, and any other tax refunds that they may be due.”

PAYE taxpayers can claim the credit by submitting income tax returns through the myAccount portal on Revenue.ie, while self-assessed taxpayers can claim through the Revenue Online Service.

The filing deadline for the 2022 tax return for self-assessed taxpayers is October 31, 2023.