Part 15 of the Principal Act is amended -

(a) in section 458, in Part 2 of the Table to that section, by the insertion of "Section 480C" after "Section 478A", and

(b) in Chapter 1, by the insertion of the following section after section 480B:

"480C. Residential premises rental income relief

(1) In this section -

‘Act of 1982’ means the Housing (Private Rented Dwellings) Act 1982;

‘Act of 2004’ means the Residential Tenancies Act 2004;

‘appropriate percentage’, in relation to a year of assessment, means a percentage equal to the standard rate of tax for that year;

‘first year of assessment’, in relation to a person chargeable, means the year of assessment in which the person chargeable first claims a tax credit under this section;

‘ownership’, in relation to the ownership of a premises by a person, includes ownership of the premises by the person jointly with another person;

‘person chargeable’ means an individual who is a person chargeable within the meaning of section 96;

‘qualifying premises’ means a rented residential premises situated in the State -

(a) that on the specified date is owned by a person chargeable, and

(b) to which, on that date, one of the following subparagraphs applies: