Retrofitting tax incentives are a win for the vulnerable, the economy, and the climate
Nov 10, 2022
Chambers Ireland, the voice of business throughout Ireland, today (10th November 2022) welcomed the new tax incentives for small-scale landlords who carry out retrofitting works to their properties that were outlined today by Minister for Finance, Paschal Donohoe.
An aspect that is particularly welcome is that the tax deduction is available while the tenants remain in situ while mitigating energy costs for tenants.
Speaking after the announcement, Ian Talbot, Chief Executive of Chambers Ireland stated:
“Housing and energy are two deepening crises for our country. We strongly welcome this move by Minister Donohoe. The cost of housing and, increasingly, the cost of energy is leading to rising pay claims across the economy. There is a mismatch of incentives in the rental sector but this policy should make a significant difference to many households.
“For the climate it is good news too. We are falling behind in meeting the national target of 500,000 home energy upgrades by 2030, and the rental sector is one of the stickiest, least likely to adapt sectors, which is why such a targeted and creative policy is needed.
“As we face into the winter, this new incentive will offer a welcome relief to tenants who are vulnerable to high energy costs, particularly for those that occupy low-BER rated, energy inefficient properties. The stipulation that works must be carried out while the tenant remains in situ also offers important protection.”