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15 Oct

Further to the Budget announcement today, here are some of the key measures affecting the property and construction sectors: (15th October 2014)

Home Renovation Incentive (HRI)

The HRI is being extended to include rental properties owned by landlords subject to income tax.

Living Cities Initiative

The Living Cities Initiative is being extended and will allow home owners to offset the entire cost of renovation against their income tax over a 10 year period.

Property purchase incentive

The incentive relief from CGT (in respect of the first 7 years of ownership) for properties purchased between 7 December 2011 and 31 December 2014 is not being extended beyond 31 December 2014. Where property purchased in this period is held for seven years the gains accrued in that period will not attract CGT.

Windfall tax

Windfall tax provisions introduced in 2009 which apply an 80% rate of tax to certain profits or gains from land disposals or land development, where those profits or gains are attributable to a relevant planning decision by a planning authority, are being abolished from 1 January 2015.

Agri-Taxation Review - Income Tax 


Increase the amounts of income exempted from long term leasing by 50% and introduce a fourth threshold for lease periods of 15 or more years with income of up to €40,000 being exempted.

Allow relief where the lessee is a company

Remove the 40 years of age threshold for leasing relief

Allow income averaging where there is on-farm diversification

Increase income averaging from 3 to 5 years

ISIF Strategic Investment Fund - Housebuilders Fund

NTMA is examining ways to support financing of housing developments including a Housebuilders Investment Fund.

First time buyers DIRT relief

A relief from DIRT on savings used by first time house buyers towards the deposit on a home.

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