HOMEOWNERS WHO WANT to undertake a spot of work on their home will be able to take advantage of a new tax incentive tomorrow.
The home renovation tax incentive (HRI) scheme was announced under Budget 2014 last week. It was initially due to come into place next year, but the date was moved forward to today.
The news has been welcomed by a number of TDs, including Fine Gael Kerry TD, Brendan Griffin, who said it will not only provide a welcome boost to the construction sector, “it will also provide homeowners who want to carry out renovations with some welcome relief”.
“In a bid to eliminate the black market, the scheme will only be open to fully tax compliant builders,” he pointed out.
This should act as a boost to legitimate contractors and sole traders who have been so badly affected by the crash in the construction sector. This intervention in the sector is a positive move by Government to help address the huge challenges which have faced the industry in recent years.
The scheme will run for the next two years and will give a tax credit of 13.5 per cent on money spent on renovations between €5,000, up to a maximum of €30,000.
Fine Gael Cork North Central Deputy, Dara Murphy said the HRI offers a “lifeline” to smaller businesses who are tax compliant.
He noted that a full list of eligible services will soon be available on the Revenue Commissioner’s website and an electronic system is being set up by Revenue which will indicate if a residence, a contractor and the works themselves qualify under the scheme.
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