Dáil Éireann Debate, Wednesday - 30 April 2014
63. Deputy Caoimhghín Ó Caoláin asked the Minister for Finance further to Parliamentary Question No. 211 of 21 January 2014, if the number of homeowners who have availed of the home renovation incentive to date is available; and if he will make a statement on the matter. [18865/14]
View answerI am advised by the Revenue Commissioners that the first claims for tax relief under the Home Renovations Incentive (HRI) will not be made until January 2015 and it is not possible to say at this point how many residential property owners will avail of the relief.
I introduced the Home Renovations Incentive in Finance Act (No 2) 2013. It provides for tax relief for property owners by way of an income tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement works.
These works must be carried out on the property owner's main residence by Contractors who qualify to participate in the HRI scheme.
The property owner can claim the HRI tax credit in the year after the work is carried out and paid for, starting from January 2015, using Revenue's Home Renovation Incentive online system. This includes his or her claim for work carried out and paid for between 25 October 2013 and 31 December 2013.
A simple, easy to use, online Home Renovation Incentive system was introduced on 10th April 2014. This allows contractors to record details of works being carried out and payments received by them. It also allows property owners to look up the details that the contractor has entered in relation to their works.
While the online system was only introduced on 10th April, I am advised that there has already been a significant amount of activity in the online system. Contractors have until 8th May to input works and payments for the period 25th October 2013 to 9th April 2014. These works and payments are now being input, as well as new works and payments. The following are details of activity in the online system as at start of business on Monday 28th April:
|
- |
Number and Value |
|
Number of properties that works have been entered for |
933 |
|
Value of works entered |
€15.5m |
|
Number of properties that payments have been entered for |
691 |
|
Value of payments entered |
€9.2m |
