Personal Tax Credits- Reliefs and Exemptions

There are numerous tax credits and tax claims which often get overlooked. We have divided these into three different categories as follows:

Personal Tax Credits

Allowed at the 20% tax rate as a credit against your income tax liability.

• Home Carer’s Tax Credit
• Mortgage / Loan Interest
• Private Rented Accommodation
• Medical Insurance Policies
• Tuition Fees & Training Courses
• Incapacitated Child
• Age Credit
• Blind Tax Credits
• Incapacitated Child
• Dependent Relative Credit
• Seafarer’s Credit
• Medical Expenses

Personal Tax Reliefs

Allowed as a deduction in calculating your taxable income, which means they are more valuable in terms of tax saved for top rate tax payers.

• Nursing Home Costs
• Employing a Home Carer
• Contributions to Pension Scheme
• Revenue Approved Permanent Health Benefit Schemes (PHI)
• Employment & Investment Incentive Scheme
• Film Investment Relief for 2015 – scheme has been reformed and moved to a film corporation tax credit model with effect from 1 Jan 2015.
• Deeds of Covenant

Personal Tax Exemptions

There are not many of these around but we explain the most common ones.

• Income Exemptions & Marginal Relief
• Child Minding Services in your home
• Rent-a-Room Relief Tax Free Income
• Leasing Farm Land
• Foreign Service Allowances for Employees of Government Agencies