Tuesday’s Tip – Maximise How You Use Your Tax Credits
Continuing our Tax Credit Series, this week we look at Tax Relief of College Fees.
At this stage most Leaving Cert students and college hopefuls will have submitted their CAO forms hopeful for a place in a college this September. This can be an expensive time in a students’ and parents’ life, so how can you reduce the cost of third-level education?
Tax relief is available at the standard rate of income tax (20%) for the cost of fees paid for third level courses for qualifying institutions. The course must be approved by the Revenue Commissioners, and appear on its list of approved courses and colleges.
View the list here
Who can claim?
An individual can claim tax relief on fees paid for Third Level courses in respect of any person as long as he or she has paid the qualifying fees. Qualifying fees means tuition fees (including the Student Contribution, post 2011), but not examination fees, registration fees or administration fees, in respect of an approved course at an approved college.
Amount of Relief
Tax relief is available at the standard rate of income tax (20%) for qualifying tuition fees.
The maximum limit on qualifying fees for the academic years 2016 / 2017 is €7,000 per individual per course.
The amounts of qualifying tuition fees shown in the table below are disregarded in respect of each claim.
[table id=17 /]