Kevin O'Keeffe (Cork East, Fianna Fail)
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95. To ask the Minister for Finance the tax incentives and reliefs that will be available to owners of properties in rural towns and villages further to the launch of the action plan for rural development. [8875/17]

Michael Noonan (Limerick City, Fine Gael)
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My Department is engaged in a range of actions relating to the "Realising our rural potential: Action plan for rural development" including tax related measures for the farming and fisheries sectors. However, and as set out in the action plan, while I have no plans for additional tax incentive schemes targetted specifically at the owners of property in rural towns and villages, the Deputy may be aware of a number of tax incentives that are already available to the owners of residential property in all areas, including rural towns and villages.

The Home Renovation Incentive provides for an income tax credit for homeowners or landlords of residential property, who carry out repair, renovation or improvement works on their property. It provides for tax relief by way of an income tax credit of 13.5% of qualifying expenditure. Qualifying work must cost a minimum of €5,000 (including VAT). The maximum qualifying cost for the purpose of the incentive is (€30,000 including VAT), which equates to a maximum credit of €4,050. The tax credit is payable over two years following the year in which the work is paid for and I have extended the scheme for a further two years in the recent Budget.

In addition, (limited) relief is available for expenditure on approved gardens and buildings in the state in accordance with Section 482 of the Taxes Consolidation Act 1997. To qualify for this relief the relevant building must be determined by the Minister for Arts, Heritage and the Gaeltacht to be of significant scientific, historical, architectural or aesthetic interest and the Revenue Commissioners must be satisfied that reasonable access to the building is afforded to the public.

Finally, the Help to Buy incentive is designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is available in respect of 'new builds'.  There are a range of conditions that a first time buyer must meet in order to qualify for Help to Buy incentive, including taking out a mortgage of at least 70% of the value of the purchase price, or in the case of a self-build, 70% of the valuation approved by the mortgage provider.