Renovation scheme to extend to landlords

The Home Renovation Incentive scheme is to be extended to landlords in order to improve the quality of rented housing stock, said Finance Minister Michael Noonan.

The HRI gives tax relief on the Vat portion (13.5%) of a bill for repair, renovation or improvement works carried out by an authorised contractor and has been seen to boost the building trade. The incentive has been taken up by 9,300 people, who have used 3,000 contractors for works totalling €190m.

Mr Noonan said extending the scheme to landlords would also impact on reducing rents.