The Help to Buy incentive is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home.
The incentive provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid over the previous four tax years to first-time buyers who purchase or self-build a new house or apartment to live in as their home.
The main provisions, as set out in the Finance Act are outlined below.
WHO IS ENTITLED TO CLAIM?
A first-time buyer of a house or apartment who purchases or self-builds a new residential property between 19 July 2016 and 31 December 2019 may be entitled to claim a refund of Income Tax and DIRT paid over the previous four years.
The first-time buyer must not have either individually or jointly with any other person (directly or indirectly), previously purchased, or built a house or apartment. Where more than one individual is involved in purchasing or building a new home, all of the individuals must be first-time buyers.
Note: You must ensure that your contractor is a Revenue approved qualifying contractor before purchasing the property if you wish to avail of the Help to Buy incentive. See the list of Developers/Contractor who are registered as a Qualifying Contractor.
You must be tax compliant. If you are self assessed you must also have eTax clearance