Dáil Éireann Debate, Tuesday - 30 September 2014
194. Deputy Michelle Mulherin asked the Minister for Finance his plans to introduce tax incentives for persons interested in building their own homes in the forthcoming budget 2015; and if he will make a statement on the matter. [36714/14]
View answerI have no plans to introduce a tax relief for individuals who wish to build their own homes. However, I would draw the Deputy's attention to the availability of the Home Renovation Incentive (HRI) which came into operation on 25 October 2013 and will run until 31 December 2015.
The incentive 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 by tax compliant contractors, on a homeowner's only or main residence. The tax credit is granted over the two years following the year the work is carried out and paid for.
As you will appreciate, I receive numerous requests for the introduction of new tax reliefs and the extension of existing ones. You will also appreciate that I must be mindful of the public finances and the many demands on the Exchequer. Tax reliefs, no matter how worthwhile in themselves, reduce the tax base and make general reform of the tax system that much more difficult.
