EXPLAINER: Everything you need to know about the Stay Spend Tax Credit
To encourage people to spend money in the accommodation and food sector in Ireland, the Government announced a new ‘Stay & Spend Incentive.’ The new incentive allows you to claim a certain amount of tax back on accommodation, food
and non-alcoholic drink bought between October 1 and April 30, 2021.
Under the terms of the incentive:
1. You must spend a minimum of €25.00 in a single transaction on qualifying expenditure and submit the receipt to Revenue
2. You can submit receipts of up to €625 or €1,250 for a jointly assessed married couple
3. Revenue will provide an income tax credit of up to €125 per person, or €250 for a jointly assessed married couple
You do not need to be on a ‘staycation’ to avail of the incentive and you can check participating businesses by looking out for the ‘Stay & Spend Tax Credit Logo’ or by checking revenue’s list of participating service providers.
Participating service providers can register on Revenue Online Service (ROS).
1. Spend at least €25 in a single transaction between October 1, 2020 and April 30, 2021
2. Claim expenses on accommodation (Hotels, B&Bs, Caravan Parks), food and non-alcoholic drink
The incentive does not apply to:
1. Takeaway food
2. Alcohol drinks
3. Amounts below €25
The Stay & Spend Incentive tax relief is given at the standard rate of 20% up to a maximum of €125 per person, or €250 for a jointly assessed married couple and qualifying expenses is capped at €625 per person, or €1,250 for a jointly assessed married couple.
How to Claim
There is two stages to claim for the Stay & Spend expenses:
1. Submit your receipts via ‘Revenue Receipts Tracker mobile app’ or receipts tracker on Revenues ‘MyAccount’
2. Make an electronic claim for the Stay & Spend text credit (PAYE via Form 12 in MyAccount) or (Self-Employed via Form 11 in ROS)
How will relief be given?
The Stay & Spend Tax Credit will reduce the amount of income tax you have to pay (Income Tax Liability) If the tax accredit is higher than your income tax liability, any excess credit can be taken from USC.
For further details on your rights and entitlements, please contact:
Carlow CIC 0761 07 5130 or email Carlow@citinfo.ie
Kilkenny CIC 0761 07 7910 or email firstname.lastname@example.org
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