Dáil Éireann Debate, Tuesday - 12 November 2013
82. Deputy Pearse Doherty asked the Minister for Finance in relation to the home renovation incentive scheme in budget 2014, if a claim to qualify may be made based on the aggregate value of works over a year or less. [47912/13]
View answerAs the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. This scheme will run from 25 October 2013 to 31 December 2015 and provides for tax relief for homeowners by way of a tax credit at 13.5% of qualifying expenditure incurred on repair, renovation or improvement work carried out on a principal private residence. Qualifying expenditure is expenditure subject to the 13.5% VAT rate. The work must cost a minimum of €5,000 (exclusive of VAT) which would attract a credit of €675. Where the cost of the work exceeds €30,000 (exclusive of 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. Works carried out between 25 October 2013 and 31 December 2013 will be considered to have taken place in 2014 for the purposes of awarding the tax credit. The threshold can be reached by carrying out several jobs; it does not have to be as a result of a single job. Therefore, any qualifying job undertaken can be included in order to reach the €5,000 threshold.
