With the new ‘Help to Buy’ incentive introduced, it’s providing a welcome support to first-time buyers of newly built homes trying to save for a deposit.
How does it work?
The scheme provides a refund of income tax and Deposit Interest Tax (DIRT) paid over the last 4 years to first-time buyers who buy or self-build a new residential property between 19th July 2016 and 31st December 2019.
Terms & Conditions
- First-Time Buyers only
- Buy or Build your own home
- Relief up to 5% of Purchase Price
- Max Relief is €20,000 per property
- Minimum 70% Mortgage taken out
- Maximum purchase price of €500,000
- Must occupy home for 5 years
How to apply?
- Must submit Tax Returns for 4 years prior to show fully tax compliant
- 3 Step Process to apply
- Register contract through Revenue online
- Submit Claim
- Provide reference to Developer or Contractor
- Refund paid to contractor (if buying) or bank (if self-build)
While you’re here….why not read our article on Revenue’s Annual Report 2016
The above article is for general use only and does not constitute advice. It is accurate based on date of publication and further clarification on possible rule changes should be sought. If we can we be of further assistance, please do not hesitate to contact us.