Tax breaks on home improvements?

[OhPinchy]

Are there any tax breaks when doing renovations on your own home?

We are conducting extensive renovations and adding an extension to our house so just want to make sure that we're not missing out on any tax breaks that might be applicable.

 

[paddyc]

You can get interest relief if you are taking out a loan for the improvments

check www.revenue.ie under the "Loan interest relief" for full details

INTEREST RELIEF ON HOME LOANS

Apart from interest on borrowings applied to acquire an interest in an employer company or partnership, relief is normally available only in respect of interest paid on a loan acquired and used for the purchase, repair or improvement of a sole or main residence. Relief is granted at the standard rate of tax.

Who can Claim? An individual who pays interest on a loan used:
a) to purchase, repair, develop or improve a qualifying residence
or
b) to pay off another loan used for that purpose.
Note: Expenditure on furniture and removable fittings are not allowable (e.g. light fittings, curtains, drapes and carpets).