Dáil Éireann Debate, Thursday - 1 May 2014
38. Deputy Terence Flanagan asked the Minister for Finance if a person (details supplied) in Dublin 5 will be able to apply retrospectively for the home renovation incentive scheme; and if he will make a statement on the matter. [19737/14]
View answerAs the Deputy is aware, I announced the Home Renovation Incentive in the recent Budget. When I announced the incentive on Budget night, the scheme was due to run from 1 January 2014 to 31 December 2015. However, upon further consideration I decided to bring the start date of the scheme forward to 25 October 2013. This scheme 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.
In addition to bringing forward the start date, I also decided to lower the minimum qualifying threshold to €5,000 (inclusive of VAT). 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. Qualifying expenditure is expenditure subject to the 13.5% VAT rate. This incentive is designed to provide a much needed stimulus to the construction sector by encouraging individuals to undertake works on their home. I regret, therefore, that I am unable to provide relief retrospectively for works already carried out.
