Stay and Spend Scheme Tax Credits
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.
- 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.
- The tax credit will only be effective if you have paid income tax in 2020 and 2021.
- The spend must be with a service provider that has registered with Revenue – see lists of registered providers here
- You must keep itemised receipts as proof.
- 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).
- 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.
- It does not cover take-away food.
- Non-alcoholic beverages served with a meal are eligible, but not if served without food. Alcohol is never eligible.
- 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