Dáil Éireann Debate, Wednesday - 1 March 2023
60. Deputy Pádraig Mac Lochlainn asked the Minister for Finance if the rental tax credits introduced by the Government apply to parents of a student from this State but now renting and studying in a recognised third level course in the North of Ireland. [10463/23]
View answerFinance Act 2022 introduced the Rent Tax Credit, which is provided for in s. 473B of the Taxes Consolidation Act 1997. This is an income tax credit of up to €500 per year (or up to €1,000 for jointly assessed couples) which may be claimed in respect of qualifying rent paid in 2022 and subsequent years to end-2025.
In relation to the question of parents paying rent for their children who are studying and in a tenancy outside the State, the purpose behind the rent tax credit is to assist as part of the overall response to the accommodation shortage in the private rented residential sector within the State. More specifically, the aim is to provide some financial assistance to renters in that particular sector who may face high rental costs and who do not receive any other housing supports from the State. As such, the eligibility criteria for the credit specify that the rental property concerned must be a residential property located in the State. Full details of the conditions that apply are set out in the relevant Tax and Duty Manual (Part 15-01-11A) available on the Revenue website at the following link: www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/rent-credit/index.aspx
