Renters tax credit

Budget 2023: €6.2 billion has been made available to the Department of Housing under Budget 2023.

"The ICSH welcomes that the 10-year social and affordable housing programme is protected. "It is clear, however, that more needs to be done," he added. The €2.6 billion capital commitment will deliver 9,300 primarily new build social homes in 2023 as well as a current funding commitment of €1.4 million billion, which will contribute to the delivery of 2,530 homes through schemes such as Mortgage to Rent and Repair and Lease," he said. €1.7 billion of the allocation will be spent in 2023 to deliver social housing new-build target of 9,100 homes. €215 million will be provided to homelessness services, while €87 million will be spent on the retrofitting of social housing. - €6.2 billion allocation to the Department of Housing

Finance Minister Paschal Donohoe has confirmed that the Government will introduce a new rent tax credit valued at €500 per year as part of Budget 2023.

Around 400,000 people are expected to benefit from the credit, according to Donohoe. Around 400,000 people are expected to benefit from the credit. CONFIRMED: Renters to benefit from €500 tax credit as part of Budget 2023

The Finance Minister has now been pushed it out to the end of 2025. While the scheme initially helped make building houses financially viable for developers, it ...

A low cost loan will help somewhat in encouraging them to borrow the balance. There will be €87m earmarked to retrofit social housing in 2023. The tax aims to raise €80m per annum. It will also incentivise builders to keep building homes for sale to punters rather than funds. Ultimately it will result in home buyers paying for the industry’s errors and lead to an unwelcome increase in the price of new homes which are already beyond the reach of many. This is being levied to pay for the Mica Redress Scheme, presumably in an effort to get the industry to pay for the problems it has created.

Renters will not see a big benefit in receiving tax credit as rents are too high and people are struggling to find properties, a renter has said.

“I’m on an OK wage now but not anywhere close to anyone I know. “The 600 euro energy credit will help a bit. I can’t stop in with my man and have a cup of tea. I also found it difficult to get a property in Carlow and I only got somewhere through knowing people locally. “It’s not great to live away from everybody. “My rent now is much cheaper than Dublin but I’m very lucky in the house I got.

Budget 2023: Budget 2023: Renters, prospective buyers and landlords see a boost; second homes hit for triple tax rates and owners of unused zoned land to ...

Landowners will be able to challenge the maps afterwards. The Society of Chartered Surveyors Ireland said the levy will challenge the viability and affordability of new homes at a time of significant construction inflation. In an effort to pay for part of the €2.7 billion mica redress scheme, there will be an annual €80 million levy on the price of concrete blocks, pouring concrete and certain other concrete products. The permanent cost of the measure is €200 million annually; renters will avail of the credit through Revenue. Meanwhile, the Minister tripled the Local Property Tax rate on homes left unoccupied for 12 months or more, though it will not raise more than €3 million next year. Before the war in Ukraine intensified inflation, housing was long acknowledged to be the Government’s single biggest challenge after the coronavirus pandemic.

The tax credit announced in the budget "is unlikely to stem the tide of challenges private renters are facing on a daily basis", said housing charity ...

It comes amid fears that some people may lose their eligibility because tax changes in the budget leave them with a higher net income, but above the current limits. It is also proposed that the credit may be claimed “in year” in the years 2023 to 2025 and that, in addition, it may be claimed for 2022 early in 2023. Only one credit may be claimed per person per year, however, it is proposed that the value of the credit will be doubled in the case of married couples and civil partners.

Renters are to receive a tax credit worth €200 euro for 2023 as announced in Tuesday's budget.

“I’m on an OK wage now but not anywhere close to anyone I know. I can’t stop in with my man and have a cup of tea. “The €600 energy credit will help a bit. “It’s not great to live away from everybody. “My rent now is much cheaper than Dublin but I’m very lucky in the house I got. I also found it difficult to get a property in Carlow and I only got somewhere through knowing people locally.

Housing Assistance Payment recipients have already been ruled out of the tax credit.

The RTB previously estimated there to be 15,000 such landlords who could be in line for hefty fines. "Approximately 400,000 persons are expected to benefit." This measure, aimed at those who do not get any other housing supports, will apply for 2023 and subsequent tax years but I am providing that it may also be claimed in respect of rent paid in 2022. It is estimated 400,000 people will benefit from the tax credit. The €500 per year relief has been backdated to 2022 so renters can apply for a double tax credit worth €1,000 at the end of this year. [Budget 2023](https://www.dublinlive.ie/all-about/the-budget) which will allow tenants squeezed by the [housing crisis](https://www.dublinlive.ie/all-about/housing-crisis) to claim as much as €1,000.

Unregistered landlords who do not pay tax on their rental earnings will be identified following the announcement of a €500 a year tax relief for all ...

If 10,000 were caught and each paid €100,000 in back tax and fines, that would amount to €1bn recouped. Landlords who do not register a tenancy can be fined up to €4,000 and face imprisonment for up to six months. A landlord with an unregistered tenancy of five years could thus be charged over €450,000 in daily additional fines. These might include a great many so called ‘reluctant’ landlords who found themselves in negative equity, moved to rent a bigger family home, and thought they would rent out their first one for just a few years without registering. It depends on how many unregistered landlords are snared. The credit will be administered through Revenue, and renters will be able to apply for it at the end of this year where they will get €1,000 off their taxes in total for 2023 because it will be backdated for 2022.