Tax Breaks for Irish Landlords in Budget 2024: What You Need to Know
If you’re a landlord in Ireland or considering entering the rental market, Budget 2024 brings some welcome news — but with important conditions to keep in mind.
What’s the New Tax Relief for Landlords?
Budget 2024 has introduced a temporary tax relief for landlords, offering a tax break of up to €1,000 per year. This relief applies to rental income and is designed to ease the tax burden for landlords, helping support the rental market during a time of high demand.
The Important Caveat: Commitment to Stay in the Market
This tax break isn’t without strings attached. To qualify, landlords must commit to remaining in the rental market for the next four years — from 2024 through to 2027. This condition is intended to encourage long-term participation in the rental sector, helping to maintain housing supply for tenants.
What Does This Mean in Practice?
For the next four years, landlords will benefit from a tax-free threshold on rental income taxed at the standard 20% rate. This relief gradually phases in over the four-year period, providing financial support and potentially making rental property investment more attractive.
Why Is This Important for Landlords and Tenants?
For landlords, it reduces the immediate tax impact on rental income, improving cash flow and potentially encouraging more property owners to keep homes available for rent.
For tenants, it helps stabilise the rental market by incentivising landlords to maintain their rental properties and discourage premature sales or conversions to other uses.
How Can We Help?
If you’re a landlord looking to understand how this tax relief applies to your portfolio, or a property owner considering entering the rental market, our team is here to guide you. From valuation and marketing to finding reliable tenants, we provide expert support at every step.
Thinking of letting your property? Contact us today for tailored advice and market insights to make the most of your investment in 2024 and beyond.
