2 August 2024
By Elaine Murphy
elaine@TheCork.ie
Fine Gael County Councillor John Paul O’Shea has said many renters across Cork have yet to claim their tax credit worth €750 per person.
Property News
Cllr. O’Shea is urging renters to claim the credit, which was introduced by Fine Gael to help tenants with their monthly rent.
“Under this scheme, individuals can claim €750, and couples can claim €1,500 when jointly assessed. This is a welcome step for many who may be trying to save to buy a home. The increase in this credit from €500 to €750 in Budget 2024 was an excellent boost for renters in Cork.
Cllr. O’Shea added “Last year, over 250,000 renters across the country claimed the tax credit. So far this year, only 60,000 renters have claimed the credit, which leaves many who have not yet availed of this significant financial benefit. The rent tax credit also applies to parents who pay for their children’s student rental accommodation. The beginning of the college year is an expensive time for parents, so it’s really important they are aware of the supports available before students go back to college in September”.
The scheme also applies if a renter has an arrangement where the tenant shares with the owner or is in a rent-a-room or ‘digs’ arrangement. It’s easy to claim the credit; renters can do this online through the Revenue’s myAccount system. To avail of the tax credit, a landlord must be registered with the Residential Tenancy Board (RTB).
“Fine Gael and Minister Alan Dillon are supporting renters, and we want to help alleviate the financial pressures people face when renting while trying to save for a home. I strongly urge renters and parents who are supporting college students across Cork to avail of this measure. They can be reassured that Fine Gael is committed to supporting them,” concluded Cllr. O’Shea.