Tuesday 23 April 2019

Thousands unaware of property-related tax reliefs which can save money and help ease housing crisis

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Charlie Weston

Charlie Weston

Thousands of people are missing out on housing-related tax relief.

Tax experts said the lack of knowledge about the relief is not helping the housing crisis.

Six out of 10 people are not aware they can qualify for tax relief for renting out a room, according to the survey of 1,000 clients of Taxback.com.

And many have little understanding of the home renovation scheme, which has ended - but claims can be made for work over the past four years.

A majority are also unaware of the help-to-buy scheme which can provide up to €20,000 to first-time buyers.

The survey's results show there are solutions to the housing crisis, but it will not help fix the problem if people do not know about them, said commercial director of Taxback.com Eileen Devereux.

"Reliefs such as rent-a-room could help alleviate some of the congestion problems in our rental sector and could help, to some degree, take pressure off the market, which could have a knock-on effect on costs and availability," she said.

"However, if people don't know this solution is out there, then how can it be used to fix any problems?"

Some 60pc of people do not know about the rent-a-room scheme, which provides an exemption from income tax on earnings of up to €14,000.

Irish Independent

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