Budget 2024 has brought some exciting news for both renters and landlords in Ireland, with significant changes in housing-related measures that aim to make living arrangements more affordable and sustainable. Let’s dive into these updates: Relief for Renters and Landlords
1. Rent Tax Credit Increase: More Savings for Tenants
The rent tax credit, which has long been a source of financial relief for renters, is getting a boost in Budget 2024. Previously set at €500 per year, it’s now increasing to €750 per year. This means that tenants will enjoy even more savings when it comes to their annual tax bill. For individuals and families struggling with the rising cost of housing, this increase provides much-needed financial breathing room.
2. Tax Incentives for Landlords: Staying in the Market Pays Off
In a move to incentivize landlords to remain in the rental market, Budget 2024 introduces a potentially game-changing tax incentive. While the exact details are still emerging, it’s believed that landlords who choose to stay in the market may receive up to 20% in tax relief. This is excellent news for renters, as it encourages more stability and availability of rental properties. Landlords who continue to provide housing options can now expect some tax benefits in return, potentially reducing the burden of property management costs.
3. Mortgage Interest Relief: Support for Homeowners
Budget 2024 also brings relief for homeowners in the form of mortgage interest relief. This measure is expected to benefit a substantial 160,000 households, with each household receiving a relief worth €1,250. This financial support is particularly significant, as it helps homeowners manage their mortgage payments more effectively, especially during challenging economic times.
A Positive Step Towards Housing Stability
By increasing the rent tax credit, providing tax incentives for landlords, and offering mortgage interest relief, the budget aims to create a more stable and affordable housing landscape for all.
While these measures certainly offer relief to tenants and homeowners, it’s important to note that housing affordability remains an ongoing issue.
Stay tuned for more updates on Budget 2024 and its impact on various aspects of Irish society, as we continue to explore how these changes shape the lives of citizens.
Stay tuned for further Budget 2024 updates by following What’s Going On Ireland on TikTok and visiting whatsgoingonireland.ie throughout the day.
Budget 2024 Highlights – what we know so far –