Limerick Fine Gael TD, Patrick O’Donovan has welcomed the announcement that homeowners can avail of the special tax relief on renovations, under the Home Renovation Incentive Scheme as announced in the Budget, from today (Friday 25th October).
“This is a really positive measure that 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. I am very pleased that Minister Noonan has decided to bring forward this measure from the original start of January 1st 2014.
“Under the Scheme homeowners who carry out renovations on their home between now and 2015 will be provided with an income tax credit. It will be payable over the following two years, and will be calculated at a rate of 13.5% on all qualifying expenditure over €5,000 up to a maximum of €30,000.”
“In a bid to eliminate the black market, the scheme will only be open to fully tax compliant builders. 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. “
“This scheme will make it much more affordable to build an extension or carry out a range of works on your home, such as getting new windows fitted, or putting in a new bathroom or kitchen. By only making the scheme open to legitimate contractors, we can ensure that works carried out are of a high standard. I am confident that a considerable number of homeowners will choose to avail of the scheme, and that it will provide a much needed stimulus to the building sector.”