Launched in Budget 2014 the Home Renovation Incentive (HRI) Scheme offers people the opportunity to save on the vat they would normally spend on home improvements.The Home Renovation Incentive (HRI) scheme provides tax relief for you by way of an income tax credit at 13.5% of qualifying expenditure on:
The works must cost a minimum of €4,405 (before VAT), which will attract a credit of €595. Where the cost of the works exceeds €30,000 (before 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 paid for. 2015 will be the first year for HRI tax credits.
These works must be carried out on your main home by qualifying Contractors.