Finance Minister Jack Chambers has confirmed that the government is exploring options for a “further permanent expansion” of the rent tax credit in the upcoming Budget 2025.
This move aims to provide additional financial relief to renters amid the ongoing cost-of-living challenges.
There has been widespread speculation that the rent tax credit, which currently stands at €750, may increase to €1,000. Additionally, there could be an extra €250 credit this year for those in rented accommodation, offering more immediate support for tenants.
The rent tax credit, which helps reduce an individual’s income tax liability, can be accessed by tenants through the Revenue Commissioners.
In addition to rent supports, Chambers underlined the importance of extending the Help to Buy scheme, a key measure aimed at assisting first-time homebuyers. The scheme has played a critical role in supporting people seeking to purchase their own homes.
The Minister said that discussions with party leaders would take place this week, focusing on the specific details of these proposals and their inclusion in the upcoming budget.