Landlords to get tax relief for social tenants
Landlords to get tax relief for social tenants
Landlords who rent to social housing tenants will from 1st January be entitled to enhanced tax reliefs.
The new scheme will allow property owners who rent to tenants in receipt of rent supplement or the housing assistance payment (HAP) to claim 100% relief on their mortgage interest, as an expense against rental income.
It will also be available to landlords who participate in the rental accommodation scheme (RAS). The new rate compares with 75% relief available up to now.
To qualify, the accommodation must be available to social tenants for a minimum of three years and must be registered with the Private Residential Tenancies Board (PRTB).
The increased relief will be provided to the landlord retrospectively at the end of the three-year period. In some cases it may be necessary for the landlord to apply for certification confirming they met the terms of the scheme.
Mc Evoy Craig Accountants, 48 Fair Street Drogheda.
