Landlords

The Budget may also introduce measures to attract and encourage small landlords to stay in the rental market.

Could the proposal to increase the Rent a Room Relief, which currently allows rental income up to €14,000 to be earned tax-free, materialise?

Tenants

Rent is expensive in Ireland. The rent tax credit introduced last year is worth €500 to a single person or €1,000 for a jointly assessed couple. This rent credit may be doubled in this year’s Budget.

The rent credit is also available where a parent pays rent in respect of a child attending university – provided the child is staying in rented residential accommodation. The relief does not apply to rent paid by a parent on behalf of a child staying in a “digs” type arrangement. This is an issue that may be addressed in the budget particularly when we consider the difficulty for students in finding rental accommodation.

Mortgage Interest Relief

The Government is considering introducing mortgage interest relief for households that are hard pressed by the increasing interest rates and may be at risk of losing their home. Such relief would likely be introduced on a short-term basis and be targeted to provide support for homeowners that are struggling to pay their mortgage.  

RBK will be holding its annual Breakfast Budget Briefing as a hybrid event in person at the Shamrock Lodge Hotel in Athlone and streaming live online on Wednesday 11th October. Mike Scanlan, Senior Tax Manager, RBK will be analysing the tax measures announced in Budget 2024 and Oliver Mangan, Chief Economist with AIB will look at the economic outlook. In the lead up to the Budget over the next number of weeks, RBK’s Business and Tax advisors will look at potential tax measures that the Government could consider and areas of concerns that are facing our clients.

Contact Us:

Should you wish to discuss any aspect of landlord and homeowner tax, please contact our team:

• Michael Smith: +353 90 6480600
• Jackie Masterson: + 353 90 6480600