Thousands of Cork renters have yet to claim €750 rent tax credit, councillor says

People renting property across County Cork have been urged to claim a tax credit worth €750 to help with their monthly payments by a Fine Gael member of Cork County Council after it came to light that less than quarter of those entitled had claimed it last year. 

John Paul O'Shea, who represents the Kanturk/Mallow Municipal District, said that just 60,000 of 250,000 entitled to the relief had applied for the rent tax credit in 2023.

“Under this scheme, individuals can claim €750, and couples can claim €1,500 when jointly assessed," said Mr O'Shea.  "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.

"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).

"I strongly urge renters and parents who are supporting college students across Cork to avail of this measure," said the councillor.