Home Renovation Incentive (HRI) Scheme
Reclaim the VAT on your Steeltech building with the new Home Renovation Incentive Scheme introducted by the Government in the Budget 2014.
The HRI Scheme will run from 25 October 2013 to 31 December 2016 for Homeowners and from 15 October 2014 to 31 December 2016 for Landlords.. This scheme provides for a tax credit at 13.5% for homeowners on repair, renovation or improvement work to your home. The addition of a shed, garage or garden room is classed as a renovation and entitles you to the incentive.
The work must cost a minimum of €5,000 (ex. VAT) which would attract a credit of €675. Where the cost of the work exceeds €30,000 (ex. VAT), a maximum credit of €4,050 will apply. The credit is payable over the two years following the year in which the work is carried out and expensiture is subject to a VAT rate of 13.5%.
The work must be undertaken on or after the 1st of January 2014 and must be finished before the 31st of December 2016.
The credit is payable over the two years following the year in which the work is carried out and paid for. 2015 will be the first year for HRI tax credits.
The tax credit is only available to the owner occupier and all Local Property and Household Charges must have been paid.
Contact your local Steeltech showroom today for more information on the Home Renovation Incentive Scheme.