The Society of Chartered Surveyors Ireland (SCSI) has today launched its ‘Home Renovation Incentive (HRI) Guide’ which was developed by the Quantity Surveying, Building Surveying and Project Management Professional Groups of the SCSI to provide homeowners with a comprehensive suite of information and case studies on the Home Renovation Incentive (HRI) Scheme which was introduced in Budget 2014.
The HRI Scheme, which will remain in effect until 31st December 2015 ( having come into effect on 25th October 2013), provides a tax credit for homeowners on repairs, improvements and renovations carried out on their principal private residence. The Incentive will provide an income tax credit on the VAT paid by homeowners carrying out work on their home in the subsequent two years. The credit will be calculated at 13.5% on qualifying expenditure between €5,000 and €30,000.
This new incentive will work to reduce the competitive advantage that non – tax compliant building contractors have over tax compliant ones, and will ultimately reduce health and safety risks due to increased procurement of registered building contractors.
The SCSI has also produced a HRI Calculator which enables homeowners to calculate the estimated HRI Scheme tax credit that they are due. This is available on www.scsi.ie