More than 39,000 individual properties nationwide and over 56,000 jobs with a total estimated value just under €890 million have been registered with the Home Renovation Incentive (HRI) since it was introduced in October 2013.

According to statistics published recently by Revenue, 35 per cent of all work relates to home extensions, followed by general repairs and renovations (just under 24 per cent), window replacements (11.3 per cent), kitchen renovations (10.2 per cent) and bathroom improvements (over 3 per cent). Over 18,000 individual properties in Co. Dublin are registered under the HRI, the highest number for a county. In Co. Cork, there are 4,520 individual properties registered followed by 1,356 individual properties in Co. Meath.

The HRI allows homeowners who carry out qualifying renovation works to apply for and claim an income tax credit. In order to qualify for the tax credit; the value of work carried out on a property must be at least €4,405 excluding VAT; and only works which are chargeable at the 13.5 per cent VAT rate are counted towards the threshold.

The HRI is provided for by section 477B Taxes Consolidation Act 1997. You can read more on the Revenue statics in the Revenue bulletin. Details on the HRI are available on the Revenue website.