Revenue has published a new Tax and Duty Manual to provide guidance on the income tax exemption of certain profits from the microgeneration of electricity by an individual at their sole or main residence.
Section 216D TCA 1997 provides for an exemption from income tax, USC and PRSI for certain profits arising to a qualifying individual from the microgeneration of electricity. For tax years 2022, 2023 and 2024 the exempt amount is €200, a qualifying individual is not required to declare such profits in an income tax return, any amount in excess of the exempt limit is required to be declared as income.
Finance Bill (No. 2) 2023 includes a proposal to amend section 216D TCA 1997 by increasing the amount of profits exempt from income tax, from €200 to €400 per year and extending the scheme by one year to the end of 2025. In this regard, the manual will be updated following enactment of the Bill.
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