Home Renovation Tax Incentive Scheme Guide


The Revenue Commissioners have updated information available on the Home Renovation Incentive (HRI). They have published a “Guide for Homeowners” and have updated the “Frequently Asked Questions” pages

A “Guide for Homeowners” on the HRI has been posted to the Revenue website –http://www.revenue.ie/en/tax/it/reliefs/hri/home-renovation-incentive-guide.pdf.

The “Frequently Asked Questions” pages have also been updated –http://www.revenue.ie/en/tax/it/reliefs/hri/index.html.

The Home Renovation Incentive (HRI) scheme, will run from 25 October 2013 to 31 December 2015. The Incentive provides for tax relief for Homeowners by way of an Income Tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home by qualifying Contractors.
This tax credit will be calculated at on spending from €5,000 up to a maximum of €30,000 (exclusive of VAT). The minimum tax credit is €675 (based on qualifying expenditure of €5,000 (excluding VAT) x 13.5%) and the maximum is €4,050 (based on qualifying expenditure of €30,000 (excluding VAT) x 13.5%).

The credit will be payable over the two years following the year in which the work is carried out. The tax credit is non refundable so any unused tax credit will roll forward to the next year. Home owners must be LPT (Local Property Tax) compliant in order to qualify under the Scheme.
Work that will qualify for the tax relief will include house extensions, house renovations, plumbing, tiling, plastering and window fitting. Items such as furniture, white goods and carpets will not be covered.

The House Architects © Copyright 2018 | Father Mathew Hall, 131 Church Street, Smithfield, Dublin 7 D07 E363 | mail@thehousearchitects.ie | Tel: 087 978 2289 / 01 507 9990
Privacy Policy | Terms and Conditions
Website by Support Your Brilliance