25% tax credit on student loan interest

Article 80 of the 2006 Finance Act creates Article 200 terdecies of the General Tax Code: loans taken out between 1 September 2005 and 31 December 2008 by people aged twenty-five or under enrolled in higher education, to fund their studies, give entitlement to an income tax credit equal to 25% of the interest paid on the first five annual instalments, counted up to €1,000 a year. The credit is granted from the year the borrower forms a separate tax household; it is refundable if it exceeds the tax due. Non-residents are excluded.