I would like to retrofit a rented house – how do I go about it and what funding options do I have?

And if I eventually sell it, is it eligible against CGT? Finally, where is the best place to get credit for the works?

An ambitious 500,000 homes are to be retrofitted by 2030, with a budget of €8 billion behind them, vastly improving the grants available for works. So the government hopes many homeowners like you will get involved in making older homes more energy efficient.

While we await some detailed details on how the program will work, SEAI operates a one stop shop for homes built before 2011 wishing to upgrade to a minimum BER of B2.

It offers the initial home appraisal (which itself is funded at €350) to application and project management and contractors. It is scheduled to release a list of the financial houses it works with in April, but at press time it had not done so.

Still, you can expect banks and credit unions to get on board, as the millions being poured into the retrofit project make it attractive for lenders to get involved. Some credit unions also operate a one-stop shop, so do some research locally. and An Post’s Green Hub is also a great resource.

The Residential Tenancies Board says that while landlords can terminate tenancies if they want to undertake a “significant renovation,” after meeting a number of criteria, they must first return the property to the original tenant once the work is complete.

A spokesman for tax specialist Tax Return Plus says it can sometimes be difficult to judge whether a deduction is a capital expenditure (which can be amortized against income tax over eight years) or an improvement expense, which is structural and from the sale Price may be deducted to calculate qualifying profit.

“Given the long-term nature of a retrofit, it would likely fall under improvement expenses and therefore not be offset against rental income.”

When calculating the capital gains tax, of course, only the personal contribution can be credited, not the subsidy.

Based on your numbers, this relief is 33% of €22,000 = €7,260 which can factor into the overall valuation for CGT based on the appreciation in value since the original property purchase and allowing for other deductibles.

My husband and I got married five years ago and have a joint will leaving our home and assets to each other, but I have a child from a previous relationship and I want to make sure that if I die she gets life insurance from my company pension ( and the pension fund itself, if separate).

Should I rewrite the will? My husband has a good pension of his own and no children.

First of all, it’s good that you and your husband made a will. What is strange, however, is that the entire estate was not taken into account by your lawyer when it was created.

You mention the home and other “assets,” but a retirement fund can be a big part of that, and in some cases worth more than your real estate. So, yes, it is important that the will reflects this financial part, but also to check that it is not already covered under the ‘other assets’ and if so, then to specifically provide for your daughter.

In any case, inheritance law takes precedence and determines who is entitled to what when someone dies. Spouses cannot be ignored and have an “interest” in one-third of the estate if there are children and one-half if there are no children.

You appear to be on a company pension plan. The trustees of this institution take into account your wishes in relation to fund and life insurance and the rules relating to this are laid down in the institution.

Although it does not override the law of inheritance, writing a “Letter of Wishes” indicates to the system how the benefits are to be distributed. When you find out who the sysadmin is (start with your HR department) they should have a template for such a letter and be best able to advise you on the content.

It’s also a good idea to issue a Power of Attorney, allowing someone to make financial decisions on your behalf in the event you become incapacitated. Once the annuity is actually paid (e.g. age 65), life insurance is academic as it is usually designed to only be paid ‘on duty’ in the event of death.

Email your questions to siryan@independent.ie