Business Property & Mortgages

Wednesday 1 October 2014

Budget tax break 'sparks surge in building': Revenue

Published 11/04/2014 | 02:30

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Revenue Commissioners chair Josephine Feehily
Revenue Commissioners chair Josephine Feehily

A TAX break worth up to €4,000 on the cost of home renovations has led to a surge in building activity, the Revenue Commissioners have said.

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The initiative is responsible for a "pick-up in employment and self-employment" in the construction sector, Revenue added.

Finance Minister Michael Noonan announced the Home Renovation Incentive (HRI) in his Budget 2014 speech last October.

Revenue chairwoman Josephine Feehily said a new electronic system to administer the HRI will benefit tax-compliant traders.

"It gives compliant contractors and the legitimate trade a great opportunity to actually undercut rogue traders," Ms Feehily added.

"The homeowner can look up online the work and payment details, and early next year will be able to claim the tax credit online," she said.

"It is essential that contractors register for tax, VAT and RCT to make sure that they can get access to the HRI."

HRI online is now available to both building contractors and homeowners.

Irish Independent

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