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Home Renovation Incentive scheme

Home Renovation Incentive scheme

01 November 2013

Employ an ALCI member and avail of tax savings of up to 4,050.

The Home Renovation Incentive scheme runs to 31st December 2018 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 works, including landscaping works, carried out on a principal private residence by qualifying contractors. The minimum expenditure must be €5,000 ex VAT and relief will be granted on qualifying expenditure up to a maximum of €30,000 excl VAT. Relief will be granted by way of tax credit split over two years following the year in which the works are carried out. The scheme was originally to last until the end of 2015 but has been extended until 31st December 2018.

Homeowners must be Local Property Tax compliant in order to qualify under the scheme, while contractors must be tax compliant in order to carry out works. NB Where an individual engages a contractor to carry out qualifying work, it is their responsibility to be satisfied that the contractor is a qualifying contractor.

There is no obligation under the schems to get all work carried out on a home by one contractor. If a homeowner has several smaller jobs that they want to get done, including work on their garden, they will all qualify providing they meet the criteria outlined above and the total cost of the works can be spread until 31st December 2018, so the homeowner could get the garden and the kitchen done and claim tax back on both jobs.

The scheme isadministered through Revenue's online systems. Contractors are required to inform Revenue in advance of details of works to be carried out and are also required to notify Revenue in relation to any payments received in respect of the works. Homeowners can view the information provided to Revenue by the contractor through the Revenue electronic sysyems and wcan also claim relief through those systems,

 

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