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Know Your Rights has been compiled by Kerry Citizens Information Service which provides a free and confidential service to the public…
What Is the Help to Buy Scheme?
The Help to Buy (HTB) Scheme assists first-time buyers to purchase a newly-built house or apartment. It is also available for once-off self-build homes.
It only applies to properties that cost €500,000 or less.
The HTB Scheme gives a refund of the income tax and Deposit Interest Retention Tax (DIRT) you have paid in Ireland over the previous 4 tax years.
How do I qualify?
To qualify, you must:
• Be a first-time buyer. If you are buying (or self-building) the property with someone else, they must also be a first-time buyer.
• Buy or self-build a new residential property between 19 July 2016 and 31 December 2022.
• Take out a mortgage of at least 70% of the purchase price. Cash buyers do not qualify.
• Live in the property for 5 years from the date that it is habitable. HTB is not available for investment properties.
• Be fully tax-compliant for the 4 years immediately before your claim.
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What do I get?
If you sign a contract for a new house, or draw down on a self-build mortgage, between 23 July 2020 and 31 December 2022, you can get an increased relief. This is known as the Enhanced Help to Buy Scheme. You can claim relief on the lesser of:
• €30,000
• 10% of the purchase price of the property
• 10% of the completion value of a self-build
• The amount of income tax and DIRT you paid for the previous 4 years
The maximum payment is €30,000.
How can I apply?
There are 3 stages to the online application process:
• The application stage: If you are a PAYE employee only, you can apply for the HTB Scheme through Revenue’s MyAccount service. Or, if you are a self-assessed taxpayer, you can apply through Revenue’s Online Service (ROS).
• The claim stage: Once your application is approved you can make your claim using ROS or MyAccount. You will need to provide documents about your mortgage and confirm details about the property at this stage.
• The verification stage: The information you have provided is verified by an eligible verifier. This is the contractor if you are buying a new home, or your solicitor if you are building your home.
How do I get the refund?
If you buy a new build, the refund is paid directly to the builder. If you self-build the property, the refund is paid to a bank account you hold with your loan provider.
• Read more about the Help to Buy Scheme on https://bit.ly/3O2jdxF .
If you need further information about any of the issues raised here or you have other questions, you can call a member of the local Citizens Information Service in Kerry on 0818 07 7860. They will be happy to assist you and if necessary arrange an appointment for you.
Kerry HELPLINE 0818 07 7860
Monday to Friday from 10am -4pm. Alternatively you can email on tralee@citinfo.ie or log on to www.citizensinformation.ie
The National Phone Service is available on 0818 07 4000 Monday to Friday 9am – 8pm.
