Surveyors launch new guide to Home Renovations Incentive Scheme

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Homeowners can save between €600 and €4,000 depending on
qualifying costs

Sunday 12th January 2014. The Society of Chartered Surveyors Ireland has
launched a new guide to the Home Renovations Incentive Scheme, which
shows homeowners how to claim tax relief on the costs of an extension or
refurbishment of their home.

The scheme, which allows homeowners to claim tax refunds from €595 to
€4,050, depending on the costs involved, was introduced in Budget 2014 and
will run until the 31st of December 2015.

The Guide includes several case studies and a HRI calculator which will
estimate the tax refund due.

The Chairman of the Building Surveyors Professional Group of the SCSI,
Kevin Hollingsworth, said the guide would be an excellent starting point for
anyone planning home repairs or an extension and who wanted to avail of the
tax relief.

“This scheme is most welcome but if homeowners want to claim tax relief they
need to be aware of the regulations and obligations which apply. For example
the scheme is only open to fully tax compliant builders as the spending and
the relief have to be registered with the Revenue Commissioners. It only
applies to a person’s principal private residence and homeowners wishing to
avail of it will have to ensure their Local Property Tax and Household Charge
payments are up to date” Mr Hollingsworth said.

The guide takes homeowners through the planning, design and budgeting stages as well as the hiring of a builder. It also outlines the Health & Safety obligations for the householder as well as the formula which applies to anyone claiming a Sustainable Energy Authority of Ireland grant. 

“Many people don’t realise that the refund doesn’t just apply to major projects.
It can also be claimed for all renovations or building work carried out over the
two year period and which costs between €5,000 and €30,000” Mr
Hollingsworth concluded.

The HRI guide and calculator, which also includes useful links relating to
building standards, H & S and to Revenue, is available free of charge at
http://www.scsi.ie

 

Download the SCSI HRI Guide 

Use the online calculator here