Parents who pay their third-level children’s college rent will now be able to receive the Government's €500 rental tax credit.
On Tuesday, under proposals agreed by Minister for Higher Education Simon Harris and Minister for Finance Paschal Donohoe, the rental tax credit was extended to now include parents who pay rent for their children attending college. To receive the payment, the student must be in a tenancy registered with the Residential Tenancies Board (RTB).
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.
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Minister Donhoe announced that the tax credits are now being extended to parents of third level students who are paying their child's rent.
Mr Harris said they had heard from students and their parents about the importance of making sure that they could benefit from this credit. 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."
Mr Donohoe said that having reflected on the situation where a parent pays the rent for their child attending third level education, he decided to extend the application of the tax credit to such parents. He said: "This will provide further help towards the cost of third level education and builds on the measures announced in Budget 2023 for the higher education sector."
The cost of higher education has become a growing issue in recent months due to rising rents and a lack of affordable accommodation. Last week, thousands of Trinity students walked out of lectures in protest over the cost of living crisis, calling for an urgent reform as they face difficulties in finding accommodation.
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