The 2013 Budget introduced a scheme to incentivise home owners carry out renovation works to their home. The scheme will run from 25 October 2013 until 31 December 2015.

The tax relief is 13.5% of the expenditure incurred. The minimum expenditure is €4,405 (before Vat) and the maximum outlay is €30,000 (before Vat). The taxpayer receives a tax credit of 13.5% of the qualifying expenditure, so the maximum tax credit relief is €4,050.

The qualifying expenditure relates to repairs, renovation or improvement works on the main home by a qualifying contractor and must be expenditure that is subject to 13.5% Vat by the contractor.

The taxpayer must be compliant with Local Property Tax and Household charges to avail of the relief.

Do you have any questions? 

Feel free to contact Paul on +353 (0) 1 677 9000 or by email: pleonard@cooneycarey.ie for a complimentary confidential consultation.

Paul Leonard is a Partner at Cooney Carey. Paul has 20+ years of experience working as a business adviser and his areas of expertise are: audit, forensic accountant in investigations and a range of legal cases including family law matters, bank negotiations, business re-structuring, company valuations and dispute resolution. His qualifications include being a Fellow of the Institute of Chartered Accountants in Ireland, a Chartered Management Consultant, a qualified Forensic Accountant and an Accredited Mediator.

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