Measures to boost building, property sectors

Budget 2014 has come with widely welcomed measures to help the building industry and employment, benefiting homeowners, investors, vendors, and the economy.

It includes incentives to boost the property investment market and confidence, with a strong 2013 recovery already seeing €1bn in investment sales, many to overseas buyers.

Widely welcomed was a one-year extension of a capital gains tax (CGT) waiver for investments bought and held for seven years. Allied to further extension of the REITS schemes for investment properties, this duo will support larger-scale property investment. And Vat rebates are being allowed for home-owners hoping to do renoVations in the next two years, with trickle-down benefits for legitimate, tax-compliant building trades and professions. The measure applies to spends of €5,000, with Vat rebates at 13.5%, so can be worth €4,000 to individual home owners.