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