A TAX BREAK for landlords who agree to stay in the market for the next four years has been announced in this year’s Budget.
The announcement was made this afternoon in Dáil by Minister for Finance Michael McGrath as part of his Budget speech.
The relief will run over four years, from 2024 to 2027.
Landlords will be entitled to have rental income of up to €3,000 tax free at the standard rate (20%) in 2024. This will rise to €4,000 in 2025 and €5,000 for years 2026 and 2027.
This means a 20% saving on each amount per year. So, next year landlords will get tax relief of €600. This will rise to €800 by 2025, and €1,000 for 2026 and 2027.
However, landlords will have to commit to remain in the rental market until the end of 2027, for the entire duration of the tax breaks. If they leave the market in the meantime, they will be liable for the tax.
You can find full details of today’s Budget announcement in our roundup here.
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