White Welcomes the Home Renovation Incentive
I warmly welcome the Home Renovation Incentive and I urge homeowners in South Dublin to avail of it.
The Home Renovation Incentive, as announced in Budget 2014 is designed to increase demand for small construction jobs and encourage people to invest in their homes. This initiative will give the local construction economy a kick-start and there’s positive signs that it’s already working.
I’m delighted to hear that there’s an improvement in trade activity on the ground. Many people are beginning to invest in their homes again, meaning work and employment for local carpenters, plumbers, builders and electricians.
The Home Renovation Incentive is a scheme of tax relief for home renovation and maintenance work. Tax relief will be granted at a rate of 13.5% on qualifying expenditure from a minimum of €5,000 to a maximum of €30,000.
For example, if a family spent €5,000 (exclusive of VAT), they would receive a credit of €675. Where the cost of the work exceeds €30,000 (exclusive of VAT), a maximum credit of €4,050 will apply.
The scheme will only apply to registered builders with a tax clearance certificate, to help tackle the black economy. Work included under the incentive includes extensions, renovations, window fitting, plumbing, tiling and plastering.
Relief will be granted by way of tax credit split over two years following the year in which the works are carried out. The scheme became active from October 2013. The work must take place on your principal private residence. The incentive will run until 31st December 2015.