As you may be aware, the Minister for Finance introduced the Home Renovation Incentive Scheme in Budget 2014.
The effective date of the scheme has been brought forward to today to avoid homeowners delaying extensions/renovations until the New Year and the potential negative impact on the industry.
Some points in relation to the Home Renovation Incentives are listed below;
- - The Home Renovation Incentive will provide an income tax credit on the VAT paid to homeowners carrying out work on their home in the next two years.
- - The credit will be calculated at 13.5pc on spending between €5,000 and €30,000. The maximum level of tax relief is €4,000.
- - The scheme will support fully tax-compliant builders as the spending and relief will have to be registered with the Revenue Commissioners.
- - In order to qualify the works must be carried out to your Principal Private
- - Residence and you must be an owner occupier.
- - Qualifying works include extensions and renovations to the home, window-fitting, plumbing, tiling and plastering