Home Renovation Incentive (HRI) scheme
The Home Renovation Incentive (HRI) scheme, runs from 25 October 2013 to 31 December 2015, 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.
The works must cost a minimum of €4,405 (before VAT), which will attract a credit of €595. Where the cost of the works exceeds €30,000 (before VAT), a maximum credit of €4,050 will apply. The credit is payable over the two years following the year in which the work is carried out and paid for. 2015 will be the first year for HRI tax credits.
Homeowners must be Local Property Tax compliant in order to qualify under the Incentive while Contractors must be VAT registered and tax compliant in order to qualify to carry out works under the HRI.
What type of works qualify? Examples of works that qualify under the Incentive include:
1. Painting and decorating Plastering
2. Rewiring Plumbing
3. Tiling Bathroom upgrades
4. Fitted kitchens Window replacement
5. Extensions Attic conversions
6. Garages Driveways
7. Landscaping Septic tank repair or replacement
What type of works don’t qualify? Carpets, furniture, white goods (such as fridges, dishwashers) and services (such as architects’ fees) with a VAT rate of 23% don’t qualify. Materials you buy yourself such as paint, tiles and so on, will not be included when working out the qualifying expenditure.
What type of home qualifies? A qualifying home is your main home, which you must own and live in or a second hand home, which you have bought and will live in as your main home after the works have been carried out.
What type of home doesn’t qualify? You can’t get the HRI tax relief on rental properties or holiday homes, new builds or a complete reconstruction of an uninhabitable house.
A full information leaflet is available here and for more information, don’t hesitate to contact us on 01 5330814.
The Home Renovation Incentive (HRI) scheme, runs from 25 October 2013 to 31 December 2015, 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.
The works must cost a minimum of €4,405 (before VAT), which will attract a credit of €595. Where the cost of the works exceeds €30,000 (before VAT), a maximum credit of €4,050 will apply. The credit is payable over the two years following the year in which the work is carried out and paid for. 2015 will be the first year for HRI tax credits.
Homeowners must be Local Property Tax compliant in order to qualify under the Incentive while Contractors must be VAT registered and tax compliant in order to qualify to carry out works under the HRI.
What type of works qualify? Examples of works that qualify under the Incentive include:
1. Painting and decorating Plastering
2. Rewiring Plumbing
3. Tiling Bathroom upgrades
4. Fitted kitchens Window replacement
5. Extensions Attic conversions
6. Garages Driveways
7. Landscaping Septic tank repair or replacement
What type of works don’t qualify? Carpets, furniture, white goods (such as fridges, dishwashers) and services (such as architects’ fees) with a VAT rate of 23% don’t qualify. Materials you buy yourself such as paint, tiles and so on, will not be included when working out the qualifying expenditure.
What type of home qualifies? A qualifying home is your main home, which you must own and live in or a second hand home, which you have bought and will live in as your main home after the works have been carried out.
What type of home doesn’t qualify? You can’t get the HRI tax relief on rental properties or holiday homes, new builds or a complete reconstruction of an uninhabitable house.
A full information leaflet is available here and for more information, don’t hesitate to contact us on 01 5330814.
