The Home Renovation Incentive will provide an income tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 2014 and 2015. The incentive is payable over the two years following the year in which the work is carried out. The credit will be calculated at a rate of 13.5% on all qualifying expenditure over E5,000 up to a maximum of E30,000.
Qualifying works include extensions and renovations to the home, window-fitting, plumbing, tiling and plastering. This incentive will support fully tax compliant builders and will move activity out of the shadow economy into the legitimate economy as all expenditure and relief claims will have to be registered electronically with the Revenue Commissioners.
Homeowners must be LPT compliant in order to qualify under the Scheme while building contractors must be tax compliant in order to carry out works. The Scheme will be administered through Revenue's online systems. The next valuation for LPT is in 2016.
Qualifying works include extensions and renovations to the home, window-fitting, plumbing, tiling and plastering. This incentive will support fully tax compliant builders and will move activity out of the shadow economy into the legitimate economy as all expenditure and relief claims will have to be registered electronically with the Revenue Commissioners.
Homeowners must be LPT compliant in order to qualify under the Scheme while building contractors must be tax compliant in order to carry out works. The Scheme will be administered through Revenue's online systems. The next valuation for LPT is in 2016.
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