If 2020 has taught us anything, it is that we all need a holiday! We may not be able to travel abroad at present, but we can certainly enjoy short breaks or holidays in Ireland. Anything that will encourage us to take more staycations is welcome, including the new Stay and Spend scheme that was introduced by government today, 3rd September 2020.
The new Stay and Spend scheme is aimed at boosting the tourism and hospitality sector during the low season, from 1st October – 30th April. Families will be glad to hear that this also covers the busy periods of the October mid term break, Christmas and Easter holidays.
The new scheme offers taxpayers the opportunity to claim back 20% of the amount spent in restaurants, pubs, hotels and other qualifying businesses during this time, subject to a maximum spend of €625 per person.
If you choose to spend €625, this will equate to a saving, or tax credit, of €125 per person. Perhaps now is the time to splash out and treat yourself to a well deserved break?
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It is important to note that the Stay and Spend scheme is only available to taxpayers. You will need to have an income tax or USC liability which the tax credit can be offset against.
How do I claim money back on the Stay and Spend scheme ?
It would be easier and more inclusive for the consumer if the 20% savings were made directly on your hotel or restaurant bill, however, claiming your tax credit is actually quite easy.
You simply download the Revenue Receipts Tracker app on the App Store or Google Play Store. You will need a PPS number to register, but I downloaded the app today and found it very straight forward. I was also surprised to learn that you can use this app to submit health and other expenses too!
To submit your claim, take a photograph of your receipt on your mobile phone and upload this through the app. There is a minimum spend of €25 per transaction, but you can upload as many receipts as you like, up to a maximum spend of €625.
Revenue will provide an income tax credit of up to €125 (or 20% of entire spend) per taxpayer, or €250 for a married couple who are jointly assessed.