The Stay and Spend Tax Credit is a new tax credit available for the years 2020 and 2021. You can claim the Stay and Spend credit for qualifying expenditure incurred between 1 October 2020 and 30 April 2021. This includes expenditure on either:

• holiday accommodation
  
• ‘eat in’ food and drink

The minimum spend is €25 per transaction. You must submit a copy of your receipt with the claim. A ‘qualifying service provider’ must provide the service. Qualifying service providers are those who have registered with Revenue to participate in the scheme. The maximum tax credit available under the scheme is €125 when you spend a total of €625. The maximum tax credit available for those under joint assessment is €250 when you spend a total of €1,250. The tax credit will used to reduce your IT liability. Any excess credit may then be off set against your liability to USC. You must have an IT or USC liability to offset against the credit to claim same.

The proposed Covid Restrictions Support Scheme “CRSS” was published in the Finance Bill 2020. It is a targeted support for businesses significantly impacted by restrictions introduced by the Government to control to spread of Covid19.

• CRSS will provide support for businesses carrying on a trade from a business premises located in regions subject to restrictions introduced in line with the Living with Covid19 Plan, with the result that the business is required to prohibit or severely restrict customers from accessing their business premises. Generally, this refers to Covid restrictions at Level 3, 4, or 5 of the Living with Covid19 Plan but certain businesses may qualify for support where a lower level of restriction is in operation.
  
• Where a business is either forced to temporarily close or operate at a significantly reduced level because of the restrictions the business may qualify for support.