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The Home Renovation Incentive Scheme introduced in Budget 2014 entitles homeowners to claim tax relief on renovation work carried out in their homes - Leaving Cert Economics - Question 7 - 2014
Question 7
The Home Renovation Incentive Scheme introduced in Budget 2014 entitles homeowners to claim tax relief on renovation work carried out in their homes. State one econ... show full transcript
Worked Solution & Example Answer:The Home Renovation Incentive Scheme introduced in Budget 2014 entitles homeowners to claim tax relief on renovation work carried out in their homes - Leaving Cert Economics - Question 7 - 2014
Step 1
Irish businesses:
Answer
The Home Renovation Incentive Scheme can increase demand for products from Irish businesses. As homeowners undertake renovation work, they are likely to purchase building materials and hire services from local providers. This boost in sales can enhance the economic output in the domestic market, fostering growth and potentially creating employment opportunities in the related sectors.
Step 2
Homeowners:
Answer
For homeowners, the scheme can lead to an improved standard of living as it allows them to enhance their properties, increasing their disposable incomes over time. With tax relief supporting renovation costs, homeowners can invest in improvements that elevate their quality of life, while also increasing the valuation of their property.