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Noonan's early move to build on HRI 'success'

Posted: September 24, 2015 Comment: 0 Read: 148 times
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The Home Renovation Incentive (HRI) is to be extended until the end of 2016, Finance Minister Michael Noonan said yesterday.

The credit was introduced in Budget 2014 and allows homeowners to claim additional tax credits worth as much as €4,000 when they hire VAT-registered builders to work on their houses.

This news of its extension comes weeks ahead of Budget 2016, and is aimed at encouraging homeowners or landlords who were considering Christmas upgrades to go ahead and start their plans.

To qualify, homeowners must spend between €4,405 and €30,000 on their home improvement project, and they will then be eligible for additional tax credits calculated at 13.5% of the amount spent.

‘Support’

“Seeing the success of the measure, and to provide some security to the sector, I’m announcing now my intention to extend the HRI for a further year, until 31st December 2016,” Mr Noonan said in a statement.

“This will allow extra time for homeowners and landlords to make the necessary changes to their properties, and provide additional support to the construction sector for another year,” he added.

The scheme has seen homeowners or landlords invest in all kinds of repairs or upgrades, including extensions and attic conversions, rewiring projects or new kitchens.

It is estimated to have pumped more than half-a-billion euro into a sector that was badly hit in the downturn.

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