For most of us, a roof over our heads is the single biggest bill we pay. Whether that's rent going out every month or a deposit you're trying to scrape together, housing costs touch almost every household in the country.
Budget 2027 doesn't solve the housing crisis, but it does put a bit more money back in the pockets of renters and first-time buyers. Here at Gilheany & co , we've broken down what's changing and how to make sure you get every euro you're owed.
Renting: a bigger Rent Tax Credit
The Rent Tax Credit is going up by €150, to €1,150 a year for a single person and €2,300 for a couple. Around 400,000 people already claim it, and the Finance Bill will confirm exactly which tax years the higher amount covers.
The credit is worth 20% of the rent you pay, up to that maximum. So if you pay around €480 a month or more, you'll get the full amount, which covers most renters in the country.
Who can claim? You can claim if you're renting your home and paying rent to a landlord, and parents can also claim for rent they pay for a son or daughter in college. A few exceptions apply, for example if you're renting from your own parent or child, or your rent is covered by HAP or another housing support.
How do you claim? PAYE workers can claim in a few minutes through Revenue's myAccount, while the self-employed claim through their annual tax return. You'll need your landlord's details and, for most tenancies, the RTB registration number.
Never claimed before? You're not alone, and you may be able to backdate your claim to cover previous years. That could mean a welcome refund on top of the higher credit.
Buying your first home: Help to Buy rises to €35,000
If you're saving for a deposit, this one's for you. The most you can get back under the Help to Buy scheme goes up by €5,000 to €35,000, and the increase takes effect straight away.
Help to Buy gives first-time buyers back some of the income tax and DIRT they've paid over the previous four years, to put towards the deposit on a newly built home or a self-build. You can get back the lowest of three amounts: 10% of the purchase price, the tax you've actually paid, or the new €35,000 limit.
That means to get the full €35,000, you'd need to be buying a home worth at least €350,000 and have paid at least €35,000 in tax over the four years. If you're buying with a partner, your tax payments are combined, which makes it much easier to reach.
The main conditions are that you must be a first-time buyer, the home must be new or self-built and worth no more than €500,000, and you'll need a mortgage covering at least 70% of the price. You also have to live in the home as your main residence.
Make sure you're getting what you're owed
Both of these are reliefs you have to claim, and every year people miss out simply because they didn't know they qualified. If you're renting, helping a son or daughter with college rent, or getting ready to buy your first home, the team at Gilheany & co can help you check what you're entitled to and make the claim. Just get in touch.
