MORE THAN 18,000 receipts totalling €2.7 million have been uploaded to Revenue’s Tracker App as part of the Government’s Stay & Spend scheme.
Since 1 October, taxpayers have been able to claim back 20% of their spend on food and accommodation as an income tax credit until the scheme ends in April 2021.
The scheme was launched by the Government in early September to support Irish businesses affected by Covid-19 restrictions and to encourage people to holiday at home.
As the number of Covid-19 cases climbed in September and Level 5 restrictions were introduced, it was unclear how many people would avail of the scheme.
Spending is capped at €625 per individual or €1,250 for married couples or civil partners.
The maximum a person can claim back under the initiative is €125 for one person or €250 per couple.
The credit will be offset against a person’s income tax liability and “will be applied after all other allowances, deductions or reliefs have been given to the taxpayer,” according to a spokesperson for Revenue.
A Revenue spokesperson confirmed that more than 18,000 Stay & Spend receipts have been uploaded to its Revenue Receipts Tracker App so far, amounting to more than €2.7 million in total expenditure.
As part of the scheme, people are required to submit details of their spend and receipts from individual businesses.
‘Qualifying services’ under the scheme include include holiday accommodation, food and non-alcoholic drinks.
A list of businesses that have signed up to participate in the scheme is currently available on the Revenue.ie website. So far, more than 3,000 businesses have signed up.
To be eligible, registered businesses have to provide one of the qualifying services mentioned above, they have to be registered for VAT and they have to hold a tax clearance certificate.
The spokesperson added that, in general, credit or debit card receipts will not be accepted as they do not provide an itemised breakdown of expenses.
Taxpayers who have submitted receipts as part of Stay & Spend will be required to submit a claim for this tax credit when completing their annual tax return.
Expenditure incurred between 1 October 2020 and 31 December 2020 can be claimed on the 2020 annual tax return, which is available from January 2021, the spokesperson said.
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