HAI is disappointed with this afternoon’s Budget 2019 announcements as no extension was granted to the Home Renovation Incentive scheme introduced five years ago meaning that it will conclude at the end of this year.
HAI will be in contact with the Department to understand its decision considering the scheme is effectively cost neutral given almost €2 billion has been spent on works through the scheme since it was first introduced five years ago. The cumulative total of tax credits available to be claimed by those who have completed qualifying works under the HRI scheme is €137.66m. HAI CEO, Annemarie Harte said ‘Surely it would have been a simple decision to continue it and support homeowners who choose works such as improving energy efficiency and extending/renovating their home whilst moving homes still proves prohibitive in an under-supplied market. Overall a disappointing and anti-business Budget.’
Unfortunately for employers, the hourly minimum wage will be increased to €9.80 further to the recommendation of the Low Pay Commission, making this the third increase in as many years.
Positive Budgetary measures included an extra €950 million to support Business and SMEs through the Department of Business, Enterprise and Innovation and the weekly threshold for the higher rate of employer’s PRSI will be slightly increased from €376 to €386.
Key points of Budget 2019 are available here.