Revenue eBrief No. 308/24

10 December 2024

Part 15 Tax Credits Finance Act 2024 Updates

The following Tax and Duty Manuals (TDMs) have been updated as provided for by Finance Act 2024:

  • Tax and Duty Manual Part 15-01-48 - Sea-Going Naval Personnel Tax Credit - has been updated to reflect the extension of the credit to the 2029 year of assessment. The value of the credit and the qualifying criteria remain unchanged. The examples provided have also been updated.
  • Tax and Duty Manual Part 15-01-05 - Incapacitated Child Tax Credit - has been updated to reflect an increase to the value of the credit. From 1 January 2025 the value of the credit amounts to €3,800 (increased from €3,500).
  • Tax and Duty Manual Part 15-01-07 - Employee (PAYE) Tax Credit - has been updated to reflect the increase in the value of credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to €2,000. The table and example in paragraph 1 of the TDM have been updated to reflect the increase to the credit.
    Section 1 Application of the Employee (PAYE) Tax Credit has been updated to include the 2025 value of the credit in the table of values and the example has been updated to reference the year 2025.
  • Tax and Duty Manual Part 15-01-44 - Earned Income Tax Credit - has been updated to reflect the increase in the value of the credit. For the 2025 year of assessment and subsequent years the value of the credit has increased to €2,000. Examples throughout the TDM have been updated to reflect the increase to the credit.