Loan For Home Improvement

The loan for the renovation of the house enjoys tax incentives for the restructuring of assets

The legislation on benefits for home renovation loan was launched for the first time in late 1997 to revive the construction industry https://www.dalysplasteringcontractors.ie/ .

The budget for 1998 provides for the taxpayer to recognize a tax deduction equal to 41% of the costs incurred in 1998 and 1999 to a maximum of 77,468.53 euros per year for property tax, for maintenance, refurbishment and restoration of heritage buildings: the tax benefit (except a small distinction on maintenance) is responsible for the efforts made in individual apartments and for those on condominium common areas.

The budget for 2000 has also driven a number of important legislative changes, beginning with the extension of the incentive and the reduction of the deduction from 41 to 36% (accompanied, however, reduced from 20 to 10% of VAT which are then placed on these performance measures for recovery)

The incentive environment: the need to protect the environment and defend the territory against the risk of geological instability is an ally in the tool tax deduction.

2002 admitted to the financial benefit of the recovery of 36% of the cost interventions also made in 2002 for the maintenance and preservation of forests.

More news for 2003

• Tax benefits, as well as for building renovations, the responsibility for rehabilitation work with asbestos, and those useful to examine the static stability of the buildings (the extent required by the recent serious incidents caused by earthquakes);

• The amount allowed as a deduction can not exceed 48,000 euros

• When the owners of the right to deduct their age is not less than 75 or 80 years, the tax benefit can be divided into five or three annual installments (usually against the ten planned);

BUILDINGS SUBJECT of Facility

The deduction covers work done on buildings for residential, thus excluding the action taken on property other than residential units.

They are also allowed to deduct expenses incurred for housing in rural and in the relevant housing (urban or rural areas that are) are commonly defined appliances cellars, attics and garages.

WHO CAN ‘deduct

On paper, the audience of potential users of the measure shows that it can not be larger: The standard, in fact, does not speak to property owners, instead referring to property held or owned.

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