Job creation the objective of Budget - Noonan

Tuesday 15 October 2013 15.56
Among the measures is a home renovation incentive scheme
Among the measures is a home renovation incentive scheme

The Minister for Finance has said that creating jobs is the primary objective of Budget 2014.

He said that the package of measures included 25 pro-business and pro-jobs initiatives that would be introduced in 2014.

Among them was a home renovation tax incentive scheme, which was an attempt to kick-start the construction sector.

The Home Renovation Incentive will provide an income tax credit to homeowners who carry out renovation and improvement works on their principal private residences in 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.

He also announced the extension of the exemption from capital gains tax on commercial property held for seven years.

He said that exemption would be extended to property purchased in 2014.

The Minister also announced that he agreed to propose the addition of REIT (Real Estate Investment Trust) investments to the five investment options already in place under the Immigrant Investor Programme.