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The new tax relief for constructions will provide a welcome boost to homeowners and create employment with small builders all over Cork. Photo: 123RF

Minister Sean Sherlock has welcomed the new tax relief for constructions, saying that it will provide a welcome boost to both homeowners and create employment with small builders all over Cork.

The Home Renovation Incentive will incentivise homeowners to spend money on their homes, by offering them a tax break of 13.5% of the cost of their project, for renovation and improvement works carried out on their principal private residence between 2014 and 2015.

“The incentive is payable over the two years following the year in which the work is carried out. The credit will be calculated at a rate of 13.5% on all qualifying expenditure over €5,000 up to a maximum of €30,000," Minister Sherlock explained.

Works that qualify include extensions and renovations, window-fitting, plumbing, tiling and plastering.

"This incentive will support fully tax compliant builders and will move activity out of the shadow economy and into the legitimate economy as all expenditure and relief claims will have to be registered electronically with the Revenue Commissioners," the Minister added.

He stressed that the relief scheme will create employment for small scale builders, carpenters, builders and other trades people in the construction industry who would be carrying out these works.

Minister Sherlock also highlighted the new ‘Build your own business’ initiative, which will directly benefit entrepreneurs in the Cork area to start up their own business. The new scheme is aimed specifically at those unemployed for at least 15 months and offers a two year exemption from income tax on those incomes, up to €40,000 per annum.

“For many people who are keen to start their own business, the fear of incurring an income tax liability can be a huge deterrent from taking the plunge. We have a large number of entrepreneurs right throughout the region here,” said Minister Sherlock.

“Starting a new business can be an extremely daunting and nerve wrecking time, but this scheme seeks to aid and support the transition from unemployed to self-employed in a practical and constructive way," he added.

Anyone interested in pursuing the Build Your Own Business initiative is encouraged to make contact with Sean Sherlock’s office on 022 53523.

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