Almost half of people eligible for the Government's rent credit tax relief scheme have yet to apply for the help, nine months after the policy was first announced.
That’s according to figures from RTÉ, which show that that to date just 230,000 out of 400,000 eligible people have requested support from the rent credit tax relief scheme plan, which was introduced as part of Budget 2023.
Under the rent credit tax relief scheme, a single person who is renting is eligible to receive €500 a year from Revenue, while a couple who are renting are eligible to receive €1,000.
In addition, parents or guardians of a student who are paying the accommodation costs of a student living away from home are also entitled to receive the financial support.
Requests can currently be made for 2022 and 2023, with the scheme currently due to continue until 2025.
However, the relatively low uptake has led to concerns over its existing effectiveness, with critics pointing to the fact renters can only access the fund if their landlord is registered with the Residential Tenancies Board.
In a statement in response to the figures, a spokesperson for the Department of Finance said Minister for Finance Michael McGrath has "asked Revenue to conduct an information campaign" to highlight the "key tax credits and reliefs available to taxpayers".
The spokesperson added that "any changes to the rate or the terms of the rent tax credit would be a budgetary item and will be considered by Minister McGrath in the context of preparations for Budget 2024, alongside other taxation items".
Further information on the rent credit tax relief scheme is available at revenue.ie.
