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The Explainer: What is the Stay and Spend scheme and how does it work?

The new scheme will allow taxpayers claim a maximum of €125 back in tax credits on their spending in the hospitality sector.
Oct 3rd 2020, 7:45 AM 15,152 13

IT’S A STRANGE year. Thanks to the coronavirus pandemic, we have been advised to reduce our contacts and social lives – and this has had a major impact on certain sectors of the country’s economy. 

This includes the restaurant, hotel and tourism trade. Schemes have been introduced in some countries to try and encourage people to spend more to boost the economy – while putting back money in people’s pockets. 

In the UK, for example, the Eat Out To Help Out scheme cut restaurant bills for punters and enabled people to support local companies. People were able to get a 50% discount at restaurants and pubs that were registered with the scheme.

Here in Ireland, we’ve taken a slightly different route. This week, the Irish government launched its Stay to Spend scheme. This will allow taxpayers claim a maximum of €125 back in tax credits on their spending in the hospitality sector until 30 April 2021.

To qualify for the maximum amount, you must spend up to €625 (or €1,250 for married couples or civil partners) in restaurants, pubs, hotels, B&Bs and other qualifying businesses. 

But how will it work in practice, and how do you claim that money back in tax credits?

To help explain more, we have the financial expert Eoin McGee, author of How To Be Good With Money, and travel expert Eoghan Corry, on the podcast this week.  

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Source: The Explainer/SoundCloud

This episode was put together by presenter Sinéad O’Carroll, producer Aoife Barry, producer and technical operator Nicky Ryan, and executive producer Christine Bohan. The guests were Eoin McGee, author of How To Be Good With Money, and travel reporter Eoghan Corry . Design by Palash Somani.

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