Michael Noonan (Limerick City, Fine Gael)
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As long as the scheme is open, the individual will have one or two choices based on the examples given. One can do all of the work in the 12 month tax year and aggregate the cost or do it over two tax years and make two separate applications but the maximum figure will apply at all times. It is worth pointing out that if one wants to do a job worth €50,000, the only restriction will be that one will get tax back only on expenditure of €30,000, plus VAT. There is nothing stopping a person from doing a more expensive job if he or she wants. One will not build a big extension for €30,000 at present, even though building costs have decreased substantially. An extension to the side of the house, with a kitchen, utility room and bedroom overhead, costs €65,000 or €70,000. This work will still be eligible, but the limit of €30,000, plus VAT, will apply in respect of the tax credit. One will not get the credit on the balance.