For the beginning of the Post, please see Part I.
The construction and building sectors saw the introduction of welcome changes:
I LIVING CITY INITIATIVE – The urban regeneration initiative has been extended to include residential properties constructed up to and including 1914 and covers the cities of Cork, Dublin, Galway and Kilkenny.
The aim is to stimulate regeneration of retail and commercial districts as well as to encourage families to return to historic buildings in Irish city centres.
II HOME RENOVATION INCENTIVE – This is a new incentive for home owners who:
1. carry out repair, renovation or improvement work on their principal private residence
2. from 25th October 2013 to 31st December 2015.
3. Qualifying expenditure carried between 1st January 2016 and 31st March 2016 can be treated as having been incurred in 2015 if planning permission was granted before 31st December 2015.
What kind of relief is available?
Relief is available in the form of an Income Tax Credit of 13½% on qualifying expenditure between €5,000 (minimum) and €30,000 (maximum).
What does “Qualifying Work” mean?
Building extensions, window fittings, plumbing and tiling, plastering, etc. carried out by tax compliant builders.
How does the relief work?
1. The tax credit will be split over two years after the year in which the work was carried out.
2. Any grant aided compensation or tax relief received will reduce the relief available.
3. The home owner must be LPT (Local Property Tax) compliant.
Note: It is essential to keep in mind that the Revenue on-line system will track information on contractors involved and work carried out.
In accordance with Circular 230 Disclosure
Since founding Accounts Advice Centre in Dublin in 1996, Claire McNamara has established a reputation for successfully advising businesses, corporate and personal tax clients. Her knowledge spans various sectors and her experience includes corporate transactions, inheritance tax planning, International Tax Treaties, personal tax as well as advising on issues affecting non domiciled individuals and offshore clients. She constantly delivers a value added service and efficient tax management solutions to high net worth private clients, property owners, executives, entrepreneurs, entertainers and members of various professions.
As a Chartered Tax Adviser, Claire has considerable experience in professional practice and will personally help you to deal with all your tax affairs competently, professionally and successfully. She has also lectured extensively in taxation on courses for the main professional accountancy qualifications including A.C.C.A., A.C.A. and C.P.A. and is actively involved in preparing students for the Irish Tax Institute’s CTA qualification.
Claire has effectively handled a number of Revenue Audits and Appeals on behalf of her diverse client base and has successfully negotiated solutions resulting in substantial differences to the eventual tax liability, surcharge and penalties.
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