Tony Mulcahy, T.D., Fine Gael Seanad Spokesperson on Communications, Energy and Natural Resources, says an amendment made to the Finance Bill this week makes it easier for home owners to qualify for the Home Renovation Incentive Scheme.
The scheme, announced as part of Budget 2014, enables homeowners to claim tax relief on repairs, renovations or improvement work that is carried out on their homes by tax-compliant contractors. Home owners must be LPT compliant in order to qualify for the Scheme.
“The Finance Bill set a minimum expenditure threshold of €5,000 exclusive of VAT, whereas this amendment has changed that to €5,000 inclusive of VAT (13.5%). In other words, you now only have to spend a minimum of €5,000, whereas previously you would have had to spend €5,675,” explained Senator Mulcahy.
The Shannon-based Senator continued: “I am delighted that Minister for Finance Michael Noonan is making it easier for people to claim back VAT on home improvements. This innovative scheme is a great boost to families who wish to expand and improve their homes and will act as a significant boost to tradespersons and people in the construction industry.”
“This measure is about growing the construction sector sustainably and helping families to improve their homes. It will give work and income to many sub-contractors and tradesmen who are trying to compete with black market operators. We need a healthy construction sector and this scheme will help revitalise the industry in a sustainable manner and help get people back to work,” Senator Mulcahy concluded.
See www.revenue.ie for more on the Home Renovation Incentive Scheme.
The scheme, announced as part of Budget 2014, enables homeowners to claim tax relief on repairs, renovations or improvement work that is carried out on their homes by tax-compliant contractors. Home owners must be LPT compliant in order to qualify for the Scheme.
“The Finance Bill set a minimum expenditure threshold of €5,000 exclusive of VAT, whereas this amendment has changed that to €5,000 inclusive of VAT (13.5%). In other words, you now only have to spend a minimum of €5,000, whereas previously you would have had to spend €5,675,” explained Senator Mulcahy.
The Shannon-based Senator continued: “I am delighted that Minister for Finance Michael Noonan is making it easier for people to claim back VAT on home improvements. This innovative scheme is a great boost to families who wish to expand and improve their homes and will act as a significant boost to tradespersons and people in the construction industry.”
“This measure is about growing the construction sector sustainably and helping families to improve their homes. It will give work and income to many sub-contractors and tradesmen who are trying to compete with black market operators. We need a healthy construction sector and this scheme will help revitalise the industry in a sustainable manner and help get people back to work,” Senator Mulcahy concluded.
See www.revenue.ie for more on the Home Renovation Incentive Scheme.
