Parents who pay their third-level children’s college rent will now be able to avail of the Government's €500 rental tax credit.
The measure was unveiled by Finance Minister Paschal Donohoe on Tuesday.
As part of the Budget announcement, it was announced that renters would receive two €500 tax credits. One credit will be administered for 2022, while the second will apply in 2023.
Read More: I'm looking for somewhere to rent in Dublin and all I can find is a bunk bed for €650 a month
However, it was confirmed that parents who paid the rent for their college children would not receive the tax credits as they were not living at the property.
Minister Donohoe announced that this was no longer the case and parents will now be able to collect the credits.
The property must be registered with the Residential Tenancies Board (RTB).
He stated that the overall cost of adding the parents to the scheme will be “broadly consistent” with what was laid out during the Budget.
“This will give further support towards the cost of third level of education and builds on the measures announced in budget 2023 for students, included in the €1,000 reduction in the student contribution fee for this academic year,” Minister Donohoe said.
The move by Minister Donohoe comes just a week after students across the country walked out of lecture halls to protest against the cost of college accommodation.
A number of measures aimed at third-level students were unveiled as part of the Budget.
This included a permanent reduction in fees by €500 next year. Fees for the 2022/2023 academic year, meanwhile, were cut by €1,000.
Eligible students who paid their fees in full are expected to be contacted by universities this week regarding this refund.
Higher Education Minister Simon Harris said that the measure was a "really welcome development".
"I want to thank Minister Donohoe for his support on this," he said.
"Students who rent a room, or pay rent will receive the credit which is €500 per taxpayer per year. And we can also now confirm that parents who pay the rent can benefit too. This is a really welcome development for many families and comes in addition to a number of other cost of living education measures including the fee reduction and additional student grant payment."
READ NEXT:
- Online flashing ban to be introduced with up to €20m fines for social platforms
James McClean lashes out at Sunderland and FA after alleged sectarian abuse
Family devastated after death of popular Tyrone man following alleged machete attack
'Heartbroken' Robbie Keane announces his mother has passed away
Get breaking news to your inbox by signing up to our newsletter
