• Available for 2020 and 2021
• Can be used against Income Tax or USC. You must have an Income Tax or USC liability to offset against the credit to claim it.
• Applies to “qualifying expenditure” from a “qualifying service provider” incurred between 1^st October 2020 and 30^th April 2021.
• Qualifying expenditure is;

a). Holiday accommodation

b). Eat-in food and drink (excludes alcohol and also excludes take away food and drink)

 

• Qualifying service providers are those who have registered with Revenue to participate in the scheme. Please refer to link qualifying service providers. Service providers may also display some marketing or advertising material in their premises or online. This material may display the following logo, which shows they are qualifying:

• Holiday accommodation is accommodation in a premises registered or listed with Fáilte Ireland, this includes:

1. bed and breakfasts
2. caravan and camping parks
3. guest houses
4. holiday camps
5. holiday hostels
6. hotels
7. holiday apartments
8. approved holiday cottages
9. youth hostels.

 

• The minimum spend is €25 per transaction.
• Maximum tax credit available is max 20% of €625, being €125, for a single person and max 20% of €1,250, being €250, for jointly assessed spouses / civil partners.
• You must submit a copy of your receipt with the claim via the;

a) Revenue Receipts Tracker App if using a mobile phone

b) myAccount if using a laptop or desktop

• Once the receipts are submitted, the credit can then be claimed under a Form 11 (self-assessed income tax return) or Form 12 (P21 Balancing statement for Paye individuals with no other income). So, for example, any expenditure incurred from 1^st October 2020 to 31^st December 2020 can be claimed from 1^st January 2021 and any expenditure incurred from 1^st January 2021 to 30^th April 2021 can be claimed from 1^st January 2022.
• All claims must be made within 4 years from the end of the tax year in which qualifying expenditure is incurred.

 

 

Further information: TDM Part 15-01-47

Further Information: https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/stay-and-spend/index.aspx

If you have any queries, please feel free to contact Greally Accountants & Tax Advisors Limited