Claiming Rent Relief for Private
Rented Accommodation
2011 brought two very major changes in the way tax relief which can be claimed on rent paid on property for private rented accommodation is treated. We saw this year the first in a series of reductions which will see rent relief phased out by 2017. More importantly, for young people entering into the rental market, an individual who began renting for the first time after December 7th 2010 will not be entitled to this relief at all!
Subject to the December 7th deadline, if you are an individual paying for private rented accommodation, used as your sole or main residence, you are entitled to
claim 'Rent Relief for Private Rented Accommodation'.
You can claim whether the property you rent is a flat,
an apartment or a house, and regardless
of whether you pay the private landlord directly or through a rental agency.
Rent which is payable under these circumstances outside the state is also allowable for this relief. However, it does not include rent on property paid to Local Authorities or State Agencies or under a lease agreement for 50 years or more.
If your landlord resides outside the state and you pay rent directly to him, or into his bank account in this state or abroad, you must deduct tax at the standard rate, 20% at present, and submit it to Revenue.
If you are entitled to this relief, have paid tax and have not yet claimed a refund, you must claim your tax refund within 4 years. For example, the final date for claiming relief for 2007 is 31st December 2011. For this, and a review of all your tax refund entitlements, contact My Tax Refund for a fast, professional refund service.
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