New in 2020 – Stay and Spend Scheme Tax Credits

Want to have the taxman pay for 20% of your night away or meal out?  This new tax credit will do that!

But not all spend is eligible  – and there are a few hoops to jump through.  Listed below are the main eligibility criteria you need to know.

Eligibility Criteria

1. Purchases of overnight accommodation or sit-down meals from the 1st October 2020 to to the 30th April 2021 will qualify to a tax credit of 20% of the cost in the year expenses occurred.
2. The tax credit will only be effective if you have paid income tax in 2020 and 2021.
3. The spend must be with a service provider that has registered with Revenue – see lists of registered providers here
4. You must keep itemised receipts as proof.
5. The minimum spend allowed is €25 (equivalent to a tax credit of €5), up to a total across all vouched spend of €625 (which will give you a tax credit of €125).
6. Married?  You can double your claim amount where jointly assessed for a total tax credit of €250.  Of course you will need eligible receipts of €1,250 for this.
7. It does not cover take-away food.
8. Non-alcoholic beverages served with a meal are eligible, but not if served without food.  Alcohol is never eligible.
9. 2021?  Rinse and repeat.  The tax credit is available with the same terms and limits for expenditures between Jan 1 stand Apr 30th of 2021

 

Full information on the Stay and Spend Tax Credit scheme is available on Revenue here, with a summary here