The Help to Buy (HTB) Incentive is a scheme for first-time property buyers of new homes. It will help you with the deposit you need to buy your new home. The incentive will give you a refund of Income Tax and Deposit Interest Retention Tax (DIRT) that you paid in Ireland over the previous four years.
This is a highly attractive scheme that is not a gimmick and does deliver real money (up to 5% of the purchase price!) towards your deposit. It is also a relatively straight forward process.
Who can claim the Help to Buy (HTB) incentive?
To claim HTB, you must:
• be a first-time buyer
• mortgage must be 70% or more of the purchase value of the property
• buy a new property before 31st December 2021
• live in the property as your main home for five years after you buy it
• be tax compliant if you are self assessed
To qualify, you must not have previously bought a house or apartment, either on your own or jointly with any other person. If you are buying the new property with other people, they must also be first-time buyers. If you have inherited or been gifted a property it will not affect your eligibility.
Approved developers and contractors
The contractor or developer you are purchasing your home from must be approved by Revenue.
Zen Projects LTD are approved contractors
What type of property qualifies?
To qualify for HTB, the property that you buy must be:
• your home and primary residence
• a new build with the construction subject to Value Added Tax (VAT) in Ireland.
How much can you claim?
The amount that you can claim is:
• 10% of the purchase price of a new home.
• The maximum payment is capped at €30,000
• the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase (up to value of 10% of purchase price)
The maximum payment is €30,000 per property. This cap applies regardless of how many people enter into a contract to buy a house.
Universal Social Charge (USC) or Pay Related Social Insurance (PRSI) are not taken into account when calculating how much you can claim.
More information on the Help To Buy Incentive is available on the Revenue website at https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx