Low uptake on Stay and Spend Scheme

Feb 08, 2021

The Stay and Spend Scheme announced through the July Jobs Stimulus package was designed to support the hospitality and tourism sectors impacted by the pandemic. However, the scheme appears to be adversely impacted by public health restrictions since its commencement in October. The total costs of claims included in 2020 income tax returns, as of mid-January amounted to €305,430.

The scheme was initially estimated to cost about €270 million, based on spending of about €1 billion between October 2020 and April 2021. The total expenditure recorded under the scheme in mid-January amounted to €6.8 million, with a potential tax cost of €1.4 million.

The UK equivalent, the Eat out to help out scheme, operated throughout the summer of 2020 and cost HM Treasury £850 million – two-thirds more than budgeted.

Further information on claims under the Stay and Spend Scheme is available through the Oireachtas website.