Do you have unclaimed tax benefits?

Financial wellbeing is about having the confidence to manage your money, day to day, plan for the future and be prepared for unexpected financial shocks. At Bank of Ireland we are committed to the financial wellbeing of our customers and the wider community that we serve. We want to help you to thrive by enabling you to make better financial decisions for yourself and your loved ones. With this in mind we have grouped together some common tax benefits that you may be eligible to claim.

Estimates vary as to the value of unclaimed tax benefits across Ireland each year, most likely running to millions of Euro.

Based on Research we completed into people’s awareness and familiarity with tax reliefs and welfare benefits we found that*

• Only 1 in 5 people continue to be very confident in conducting tasks relating to tax reliefs and welfare benefits.
• Youths aged 18-34 and female segments are more likely to be less confident in conducting tasks relating to tax reliefs and welfare benefits.
• Overall awareness of Government online services remained high and increased further such as Revenue Online Service (ROS), Revenue.ie – myAccount and MyGovID.
• Tax relief claims on medical expenses remained the highest incidence of claims.

*BOI / RED C Research 2022 amongst consumers aged 18 and above in Republic of Ireland. Benchmark research conducted in 2020.

Your financial wellbeing is our priority at Bank of Ireland. Below we have grouped together some common tax benefits that you may be eligible to claim. Please note this list is not exhaustive and a full list of benefits together with information on how to register for online services and claim tax benefits can be found at www.revenue.ie**.

Disclaimer: The information prepared below by Bank of Ireland “BOI” is for information purposes only and does not constitute financial or tax advice. You should seek assistance from a professional if you require financial or tax advice. No liability is accepted by BOI for any errors or for any loss to any person in reliance on this information. BOI believes any information to be correct at the 31 January 2024 and the information is subject to change without notice. BOI does not make any representations or warranties in respect of the accuracy of this information and is not responsible for the content of external sites. Please refer to our Term & Conditions for the use of the Bank of Ireland Group Website for further details.

• Income Tax

  Relief Type	What is this Relief?	Information
  Age Credit	You may be able to claim the Age Tax Credit if you or your spouse or civil partner is age 65 years or older in a tax year.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/age-tax-credit/index.aspx**
  Earned Income Credit	You may be able to claim the earned income tax credit in respect of pay that you earn, for example, trading income.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/income-and-employment/earned-income-credit/index.aspx**
  Employee (PAYE) Credit	You may be able to claim the employee tax credit if you receive income that is taxable under the Pay As You Earn (PAYE) system, or if you are an Irish resident in receipt of a social security pension received from another EU Member State, or wages from abroad where the tax was deducted under a PAYE type system.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/income-and-employment/employee-tax-credit/index.aspx**
  Exempt Income RentaRoom	You may be able to earn tax free income from renting a room in your home.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/rent-a-room-relief/index.aspx**
  Personal Tax Credit	You are entitled to a Personal Tax Credit if you are resident in Ireland and the type/amount of credit is dependent on your marital/civil partner status.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/marital-and-civil-status/personal-tax-credit/index.aspx**
  Tax relief for remotely working from home	You may be able to claim tax relief on your cost of electricity, heat and broadband if you are deemed a remote worker.	https://www.revenue.ie/en/jobs-and-pensions/eworking/index.aspx**
  Rent Tax Credit	You may be able to claim a tax credit where you pay rent for your principal private residence, another property you use to facilitate your attendance at work or on an approved course and a property used by your child to facilitate their attendance on an approved course.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/land-and-property/rent-credit/index.aspx**

• Carer

  Relief Type	What is this Relief?	Information
  Employing a Carer	You may be able to claim tax relief on the cost of employing a person to take care of yourself, your family member, spouse or civil partner who is totally incapacitated due to physical or mental infirmity, or your relative, or a relative of your spouse or civil partner who is totally incapacitated due to physical or mental infirmity.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/employing-a-carer/index.aspx**
  Home Carer Credit	You may be able to claim the Home Carer Tax Credit if you are married or in a civil partnership, and you care for one or more dependants	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/home-carer-credit/index.aspx**
  Dependant Relative Credit	You may be able to claim a tax credit if you maintain a relative at your own expense	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/dependant-relative-tax-credit/index.aspx**

• Education

  Relief Type	What is this Relief?	Information
  Tax relief for approved training courses and third level education fees	You may be able to claim tax relief on fees that you have paid for approved training courses and third level education courses.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/education/tuition-fees-paid-for-third-level-education/index.aspx**

• Gift & Inheritance

  Relief Type	What is this Relief?	Information
  Small Gifts Exemption	You may receive a gift up to the value of €3,000 from any person in any calendar year without having to pay Capital Acquisitions Tax (CAT)	https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx**
  Capital Acquisitions Tax (CAT) gift and inheritance thresholds	You may not pay tax on a gift or inheritance if its taxable value is below a particular threshold	https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/cat-groups-thresholds.aspx**

• Pensions

  Relief Type	What is this Relief?	Information
  Tax relief on pension contribution	You may be able to get tax relief on pension contributions that you make. The way in which tax relief is administered will depend on the type of pension scheme that you are in.	https://www.revenue.ie/en/employing-people/what-constitutes-pay/employees-pension-payments/index.aspx**
  Tax Relief on lump sums payments	You may be able to claim tax relief on lump sum payments paid by your employer if you retire or have left work.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/lump-sum-payments/index.aspx**

• Property

  Relief Type	What is this Relief?	Information
  Help to Buy Scheme	You may be able to claim a refund of income tax and DIRT if you are a first-time property buyer buying or building a new house or apartment.	https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx**
  Mortgage Interest Tax Credit	You may be able to claim the tax credit if you are a homeowner with an outstanding mortgage balance between €80,000 and €500,000 at 31 December 2022.	Mortgage Interest Tax Credit (revenue.ie)**

• Health

  Relief Type	What is this Relief?	Information
  Contributions Under Permanent Health Benefit Schemes, after Deduction of Tax on Benefits Received	You may be able to claim tax relief for contributions that you make to a Permanent Health Benefit Schemes.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/permanent-health-benefit-contributions/index.aspx**
  Health Expenses	You may be able to claim tax relief on the cost of unreimbursed health expenses incurred.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/health-expenses/index.aspx**
  Health Expenses (Nursing Homes Only)	You may be able to claim tax relief on nursing home expenses paid by you	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/health-expenses/nursing-home-and-additional-nursing-care-expenses.aspx**
  Medical Insurance Relief (where your medical insurance is paid by your employer by way of a benefit-in-kind)	Where your employer pays your medical insurance to an approved insurer as a benefit-in-kind, you may be able to claim a tax credit on this.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx**

• Child Care

  Relief Type	What is this Relief?	Information
  Single Person Child Carer Tax Credit	You may be able to claim the single person child carer credit if you are caring for children on your own.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/children/single-person-child-carer-credit/index.aspx**
  Incapacitated Child Tax Credit	You may be able to claim a tax credit if you are a parent/guardian of a child who is permanently incapacitated, either physically or mentally, and, where there is a reasonable expectation that the child will be unable to maintain themselves when over 18.	https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/children/incapacitated-child-credit/index.aspx**