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Tax Credits

  • 10-02-2011 11:57pm
    #1
    desaparecidos
    Banned (with Prison Access) Posts: 1,332 ✭✭✭


    I used the PAYE online to claim Rent Tax credits, which stated I was due a gross relief of €2000.

    I only started my job late in the year so didn't make enough to be paying any tax for the tax year. I paid €60 in tax for 2010.

    So because I only paid €60, tax credits are subtracted from the amount of tax you have paid, therefore my Rent Tax relief will = €60?

    Am I understanding this correctly?


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    Technically - not exactly, but your explanation is as good as the same answer,

    you would still get the full credit but only utilise 60 euro of it to eliminate the tax paid. (you cant get a refund over and above the amount of tax you have paid in a year)

    The reason i say this is that when your tax credit cert rolls over into the next year, you would have the full credit for rent (since you applied in 2010 - it's gone for new renting claims for 2011)


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