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In the March 2013 budget the government introduced a home renovation (HRI) scheme for homeowners. The incentive provides for tax relief by way of an income tax credit at 13.5% of qualifying expenditure on repair, renovation or improvement work carried out on a main home or rental property by qualifying contractors. The work must cost a minimum of €4,405 (before VAT) per property, which will attract a credit of €595 per property. Where the costs of the works exceed €30,000 (before VAT) per property, a maximum credit of €4,050 per property will apply. The credit is payable over the 2 years following the year in which the work is carried out and paid for. The first year for HRI tax credits is 2015 for homeowners and 2016 for landlords. The works must be carried out before 31 December 2016 for homeowners and landlords.
Homeowners, landlords and contractors must be compliant
Homeowners or local landlords must be local property tax and household charge compliant in order to qualify under the incentive scheme. Landlords must also have complied with the private residential tenancies board registration requirements. Contractors must be VAT and RCT registered and tax compliant in order to quality to carry out works under the HRI scheme.
Who can claim a tax credit under the incentive?
Owner occupiers of a main home or landlords of rental properties who pay income tax under PAYE or self-assessment and whose local property tax and household charge obligations are up to date, are eligible. The homeowner or landlord must be on revenue’s local property tax register as an owner or joint owner of the main house or rental property. Landlords must also have registered the tenancy with the private residential tenancies board.
We are delighted to inform you that all our products are eligible for the HRI scheme, i.e. triple glazed windows, doors, roofline, fascia, soffit, flat roofing, attic insulation and conservatory tiled roofs. With Global home improvements all our products carry our trade mark free 15 year guarantee.
No. The tax credit is only available against Income Tax paid.
If you are on an occupational pension and you pay tax under PAYE, you can claim.
No. The tax credit is only available to the Homeowner or Landlord. Where there are joint owners and only some of the owners pay tax, the tax credit can be claimed by those paying tax based on qualifying expenditure incurred by them.
No. The tax credit is only available to the owner occupier of a main home or the owner of a rental property.
No. The tax credit is only available to the owner occupier of the main home or the owner of a rental property.
No. If the management company pays for the works it won’t qualify as the management company isn't the owner occupier of the main home or the Landlord of the rental property. If the owner occupier or Landlord of an apartment, which is their main home or rental property, pays the Contractor directly for the portion of the works on the main home or rental property, it will qualify.