Tax Credits & Reliefs >> Personal Tax Credits- Reliefs and ExemptionsTags: tax credits, tax reliefs, tax 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 Carers Tax Credit
- Mortgage / Loan Interest
- Private Rented Accommodation
- Medical Insurance Policies
- Trade Union Subscriptions
- Home Service Charges
- Tuition Fees & Training Courses
- Incapacitated Child
- Age Credit
- Blind Tax Credits
- Revenue Job Assist
- Care of Incapacitated Individual
- Dependent Relative Credit
- Seafarers Credit
- Medical Expenses from 2009 (apart from Nursing Home costs)
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.
- Health / Medical Expenses Relief up to years 2008 & in respect of Nursing Home costs only for year 2009.
- Contributions to Pension Scheme
- Revenue Approved Permanent Health Benefit Schemes (PHI)
- Tax Reliefs for Share Investments (BES / Film Investment Relief)
- Donations / 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
- RentaRoom Relief Tax Free Income
- Leasing Farm Land
- Foreign Service Allowances for Employees of Government Agencies