The Home Renovation Incentive Scheme Has Been Extended to 2016
In Budget 2016 it was announced that the Home Renovation incentive scheme will now continue to the new deadline of 31st December 2016.
The Scheme has been running since 2013
This has been the second successive budget where the scheme has been deadline has been extended. The scheme was first announced in October 2013 and was initially set up to end in December 2014.
The scheme has benefited many home owners in Ireland who have taken advantage of the tax reliefs associated with repairs, renovations and improvement work carried out.
The requirements of the Home Renovation Incentive remains the same, the scheme is paid in the form of a tax credit of 13.5% of the qualifying expenditure which can be set against your income tax over 2 years. As a result, this reduces the rate of VAT to 0% on all qualifying work up to a value of €30,000.