Recent tax changes introduced have significant updates for landlords. Here's an overview:

Residential Premises Rental Income Relief (RPRIR):

Starting from 2024, individual landlords can claim a tax credit on rental income from residential properties. The annual relief amounts are:

• €600 in 2024
• €800 in 2025
• €1,000 in 2026 and 2027

To qualify, the property must be rented or actively listed for rent by December 31 of the relevant year. Landlords should retain evidence, such as rental advertisements, to support their claim. (revenue.ie)

Non-Resident Landlord Withholding Tax (NLWT):

As of July 1, 2023, tenants paying rent directly to non-resident landlords must withhold 20% of the rent and remit it to Revenue via the NLWT system. Collection agents can also opt into this system. The withheld tax serves as a credit for the landlord when filing their annual tax return. (revenue.ie)

These changes aim to provide financial relief to landlords and streamline tax compliance. Staying informed and maintaining proper documentation is essential to benefit from these updates.

How HLB can help

Understanding the latest tax changes for landlords can be complex, but we are here to simplify the process.

If you want to ensure you're making the most of available reliefs or need guidance on compliance, contact our Tax team at HLB Ireland, today.