Welcome to our May edition

Congratulations to our competition winner Denise O’Connor of Rare Jewelery in Castle Market, Dublin 2, who correctly answered Gordon D’Arcy as my favorite Leinster player of all time. Denise got to see a great Leinster victory in the Quarter final, in an entertaining 7 try game. Pity the semi-final wasn’t as good, but at least we won. 

Mortgage Interest

Did your mortgage interest increase
in 2023?

The Government introduced a tax credit of up to €1,250 for those who suffered
a significant increase in their rate of interest in 2023. 

What are the conditions?

• You must have an outstanding balance of €80,000 – €500,000 as of 31st December 2022.
• Your loan must be with a qualifying lender on the approved list.
• You must have paid interest on the loan in 2022 and 2023.
• You must have paid income tax.
• You must comply with your Local Property Tax obligations.
• The property must be in Ireland.
• You must be compliant with any planning permission requirements.
• You must not have bought the property from a connected party for
  more than the property’s value.
• The property should be your only residence or your main residence.

How much can I claim?

You can get a credit on the increased interest you paid on your mortgage in 2023 when compared to 2022. The tax credit is 20% of the increase up to maximum credit of €1,250.

Example: If you paid interest in 2022 of €9,000 and €12,000 in 2023, you may claim
a credit of €600 (i.e. €12,000 – €9,000 = €3,000 x 20% = €600).

The easiest way to claim this is by submitting your 2023 Income tax return.
Please contact us now if you think you may be able to avail of this credit.

What do we need to do this for you?

The Government introduced a tax credit of up to €1,250 for those who suffered
a significant increase in their rate of interest in 2023.

• A copy of your mortgage interest certificate for 2022 and 2023.
• Your Local Property tax number.

Ratepayers Support Grant for 2024 announced

Following on from the ICOB grant, for which applications closed on 1st May,
Dún Laoghaire-Rathdown County Council have now announced a rates reduction
for 2024 also, albeit not as sizeable as the ICOB. The main points are:

1. Your rates bill must be less than €20,000 (ICOB was less than €30,000).
2. The grant varies between 8% and 14%.
3. You must have paid your 2024 rates, or have signed up to pay by monthly direct debit.

If you qualify, the grant will be applied automatically to your account in 2024 by reducing/eliminating your November and December payment if applicable.
To avail of this grant, log on to: www.dlrcoco.ie/commercial-rates/ratepayerssupport- grant-2024 We have checked with South Dublin, Fingal and Dublin City Council but they have not yet announced this grant. We will keep you informed if/when they do.

Children finished college for the summer? Let them earn their keep!

Many third level students are already finished college or will in the next few weeks.
A person over 16 may earn up to €17,750 per annum and pay no PAYE, and only a minute amount of PRSI and USC. If you have a child to whom this applies, you may consider employing them, and paying them for the work they do. They may then use this towards next years college fees, be that course fees, accommodation or travel expenses. Call your contact here in Guardian to discuss your particular circumstances and how this may be applied to your benefit.

Reminder – Rent tax credit

This credit increased to €750 per individual and €1,500 per couple in 2024 for rent paid in respect of the property you rent yourself. However, in addition, parents who have paid for accommodation for their college going children may also avail of this retrospectively for 2022 and 2023. If you have not yet availed of this tax credit, please contact us.

Succession Planning advice grant for farmers

This grant is specifically aimed at encouraging best practice in intergenerational land transfer in order to address, among other things, significant generational imbalances in farming. The grant is to encourage and support farmers aged 60 years and above to seek succession planning advice. The grant is 50% of vouched legal, accounting and advisory costs subject to a maximum payment of €1,500.

Conditions to qualify:

1. You must be a farmer aged 60 or above who is currently not in a succession partnership.
2. Have a farm of at least 3 hectares at the time of the application.
3. Have been farming for at least 2 years prior to the application.

Items to accompany the application

• Completed application form.
• Proof of age.
• Read the terms and conditions for details of eligible expenses.
• Complete the checklist.

You may download the application form at:
www.gov.ie/en/service/a2a29- succession-planning-advice-grant.ie