How to get maximum Rent Tax Relief

[flaka]

Hi

Last year I claimed three years of past Rent Relief for Private Rented Accommodation. I got a nice refund from revenue for the past 3 years but the amount was less than I expected.

On my Tax Credit Certificate for 2008 the Rent Tax Credit is €400.

On Revenue website they state [broken link removed]

Relief is due at the standard rate of tax (20%) in the tax years 2007 and 2008 subject to the following upper limits:
Single Under 55 max. €2,000

I'm now paying rent at €1050 per month.

How is the €400 credit calculated?
How can I claim €2,000?

Cheers

 

[Black Sheep]

20% of 2000 = 400.

Therefore the tax credit of 400 is correct and is already on your tax credit certificate

 

[flaka]

Hi - this is different to what I read. All the other credits I have are fixed credits not a % of an amount.

Relief is due at the standard rate of tax (20%) in the tax years 2007 and 2008 subject to the following upper limits:

Upper limits of what?
Relief - so the most relief is €2000 @ 20%
Rent - I read it as 20% of rent paid, up to €2000, per annum is subject to relief

Thanks for clearing that up for me.

 

[mucker]

I am in a similar situation. Ive paid over 30K over the past few years on rent. Recently claimed tax back but only got a few hundred euro.

I also read it as 20% of rent paid, up to €2000, per annum is subject to relief - so was expecting a few thousand! rather than 20% of €2000

Maybe someone can shed some light on this?

 

[mathepac]

If you are under 55 years of age, it is 20% of the rent you paid for the year, or 20% of 2,000, whichever is the lower. In your case 20% of 2,000 is the lower figure, so that's what you got back. The 2,000 is the ceiling of allowable rent for taxation purposes.