Unclaimed Irish tax credits still available

Tax relief is still claimable as far back as 2009 to those that qualify and have not already done so.

Tax credits still available

Consumers must claim before the end of the year.

Key rates are as follows:

 Key Tax Allowance

2009

2010

2011

2012

Medical Expenses

20%

20%

20%

20%

Tuition Fees 20%, cap €5000 20%, cap €5000 20%, cap €7000 with €2,000 excess for full time courses 20%, cap €7000 with €2,250 excess for full time courses
Rent Tax Credit Single €400 Single €400 Single €320 Single €240

The rate at which tax relief can be claimed on medical expenses has been reduced from 41% in 2008 to 20% today. However, the relief is still available and can be claimed on most medical expenses incurred and on qualifying non-routine dental expenses.

·         The tax credit for tuition fees is still available. For the years 2009 to 2010 the maximum tax credit available was €1000. A change was introduced in the 2011 tax year where the relief does not apply to the first €2000 of qualifying fee or if less, the full amount. Similarly, for part time courses the first €1,000 was disregarded in respect of each claim. These amounts were increased to €2,250 and €1,250 respectively for 2012/2013 academic year. The maximum limit on qualifying fees remains capped at €7000 so the maximum credit available has been effectively reduced from €1000 to €950.

·         Rent credit has been reduced to €200 for a single person in the year 2013 and the tax credit is set to be phased out by the end of 2017. Taxpayers still have an opportunity to claim the rent credit back to 2009 (provided that they were in rented accommodation on 08/12/2010) and should take advantage of this.

Tax relief on bin charges was abolished for the year 2011 and subsequent years. However, tax payers may still claim relief for prior tax years as far back as 2009.

For further information, visit these useful websites:

www.taxback.com

www.revenue.ie

www.citizensinformation.ie

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