Information on the following topics of financial interest is available below. Further information may be had by making contact with us at our office.

	Rent Relief
	Relief for Fees Paid for 3rd Level Education
	Credit for Payment of Service Charges
	Personal Pension Payments Relief
	Rent a Room Relief
	Medical Expenses Relief
	Childminding Earnings
	Health Expenses: Dependent Relative
	Medical Insurance
	Dental Insurance
	Employee Tax Credit (Farmers)
	Preferential Home Loans and Other Loans
	Stamp Duty on Bank Cards
	Transfer of a Site to a Child

Rent Relief

Persons paying rent for private accommodation where the accommodation is the taxpayer's only principal residence, are entitled to tax relief at the 20% rate subject to the limits set out below:

Relief for Fees Paid for 3rd Level Education

Tax relief at the standard rate is granted in respect of fees paid to a college or Institute of Higher Education within the state or to publicly funded or duly accredited universities or similar third level colleges in the EU or outside the EU. Undergraduate courses must be of at least two academic years duration. Postgraduate courses must be carried out in an approved college and be of at least one academic year but no more than four academic years. The maximum limits on qualifying fees is €5,000 in the 2007/2008 academic year.

Credit for Payment of Service Charges

Service charges are allowed at the 20% tax rate on payments made in the previous tax year, in the form of a tax credit on the full amount paid subject to a maximum payment of €400 per annum which will amount to a tax credit of €80.

Personal Pension Payments Relief

Payments to approved pension schemes, subject to certain limits (see table below) are fully allowable against tax for persons with non-pensionable incomes.An important condition is that the income referred to has to be "earned income" i.e. earnings muct be from a trade, profession or employment that does not carry with it nay pension rights. Payments may be made up to age 75.

Rent a Room Relief

Rent a room relief entitles home owners to up to €10,000 tax and PRSI free rent when they rent a room as residential accommodation.

Medical Expenses Relief

Tax relief is available on non-recoverable medical expenses incurred by the tax payer, or paid on behalf of any individual by the taxpayer. The old de minimis limits of €125 for an individual and €250 for a family have been abolished as and from January 1st 2007. With effect from this date all qualifying medical expenses incurred will be allowable.

Childminding Earnings

Childminding earnings not exceeding €15,000 received by an individual for minding children in his or her own home will be exempt from income tax, PRSI and levies. No more than three children may be minded and there is a requirement on the individual to inform the local County Childcare Committee that children are being minded in the home. If the earnings exceed €15,000 the entire amount earned is subject to tax.

Health Expenses: Dependent Relative

Medical expenses incurred by an individual in respect of a dependent relative can be claimed against tax provided such expenses cannot be recouped. Where a dependent relative is being maintained at a nursing home or hospital, the allowable amount is reduced by 60% of the dependent's Old Age Pension. Full allowances are granted in the case of expense incurred on once-off treatment such as a serious operation.

Medical Insurance

Payments made to recognised medical insurers are allowable against tax at the 20% rate in the form of a tax credit which is deducted from the premium at source and will be shown on the invoice from the health insurer.

Dental Insurance

Relief is available in the form of a standard rate tax credit on the premiums paid on dental insurance policies for non-routine dental treatment. The cover must extend to dental treatment only.

Employee Tax Credit (Farmers)- Family Members

Family members who are full-time employed on the farm are entitled to the Employee Tax Credit provided they earn a sufficient farm wage to incur a tax liability. This tax  credit in 2008 is €1,830 which means that when added to the single person's tax credit, an unmarried employee with no other earnings can earn up to €18,300 before incurring any tax.

Preferential Home Loans and Other Loans

An employee who is in receipt of a preferential loan is liable to income tax on the difference between the interest actually paid and the amount which would have been payable at the specified rate of interest on the loan. The specified rate on home loans is to increase from 4.5% to 5.5% and on other loans from 12% to 13% with effect from January 1st 2008.

Stamp Duty on Bank Cards

The charge for ATM cards and debit cards is reduced from €10 to €5 and for charge cards and credit cards from €40 to €30. The charge for combined ATM/debit cards is reduced from €20 to €10.

Transfer of a Site to a Child

Where a parent transfers a site to a child for the purpose of constructing the child's principal private residence, the exemption limit from Capital Gains Tax (CGT) increases from €254,000 to €500,000 in respect of disposals made on or after December 5th, 2007.