The Home Renovation Incentive Scheme has been extended for another year until 31st December 2016. The scheme provides for tax relief for homeowners and landlords.
The incentive is paid by way of an Income Tax Credit at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a main home or rental property by qualifying Contractors.
In September of last year, seeing the success of the measure, the Department of Finance announced the extension of the scheme for a further year until 31st December 2016. This move allows for extra time for homeowners and landlords to make the necessary changes to their properties and will provide additional support to the construction sector for another year.
If you are having qualifying work done but aren’t spending over €4405.00, it is still worth choosing a HRI Qualifying Contractor and entering the work details on HRI Online. You may have more qualifying work carried out between now and 31st December 2016 which if added to the previous works could reach the minimum limit of €4405.00 before VAT @13.5%.