On 23 July 2020, the Government announced the July Jobs Stimulus 2020, which provided for several measures to boost the economy and get people back to work. Legislation underpinning the tax measures announced in the July Jobs Stimulus, the Financial Provisions (Covid-19) (No. 2) Act 2020, was passed by Dáil Éireann and signed into law by the President on 1 August 2020.
The new Stay and Spend Tax Credit is one of the measures announced as part of the July Jobs Stimulus. Revenue has created a new Manual on the Stay and Spend Tax Credit, and the Stay and Spend registration process is now open. The Manual includes a step by step guide for eligible service providers on registering for the scheme.
The Manual also includes a step by step guide for taxpayers on how to upload their receipts to the Receipts Tracker App, how to submit a claim and practical examples of qualifying expenditure.
The Stay and Spend Tax Credit can be claimed for qualifying expenditure incurred from 1 October 2020 until 30 April 2021. The current list of qualifying service providers is available here and information on Revenue’s new Receipts Tracker App is available here.
The maximum tax credit available under the scheme is €125 per person, or €250 in the case of a person who is married or in a civil partnership and is jointly assessed to tax on that basis.