Under the Home Renovation Tax Incentive Scheme, people carrying out qualifying renovation works will be granted tax credit on the cost of the works.
The Scheme applies to renovations or improvements:
- On your principle private residence or investment properties
- Costing from €5,000 to €30,000. Qualifying work must cost a minimum of €5,000 (excl. VAT at 13.5%). While there is no upper limit on the cost of work, the tax credit will only be given in relation to a maximum of €30,000 (excl. VAT at 13.5%).
- Carried out by a tax-registered builder/contractor.
The incentive applies to repair, renovation or improvement work carried out (subject to VAT at 13.5%) and paid for on or after 25th October 2013 and up to 31st December 2018.
A tax credit of 13.5% of the cost of the renovation works ex-VAT will be payable in the two years after the year in which the works were carried out. The minimum tax credit under the scheme is €675 and the maximum tax credit is €4,050.
If you want to benefit from the Government’s Home Renovation Tax Incentive Scheme, it is your responsibility to make sure the money you spend on works carried out will be covered by the scheme. We strongly recommend you get independent tax advice on that point before you commit to a building contract.
Further information relating to the Government Scheme is available on the Revenue.ie website.
Bank of Ireland cannot take responsibility for information on third party websites.