The Help to Buy scheme is a significant initiative designed to assist first-time property buyers. This scheme is specifically tailored to help you secure the necessary deposit for the purchase or self-construction of a new house or apartment, with the condition that you intend to use the property as your primary residence.
Under HTB, eligible participants will receive a refund of:
- Irish Income Tax
- Deposit Interest Retention Tax (DIRT) paid in Ireland
This refund will cover the four tax years preceding your application, excluding any previously claimed refunds.
Enhanced HTB Scheme
In response to the 2020 July Jobs Stimulus, a temporary enhancement to the original HTB scheme was introduced.
Under the enhanced HTB scheme, applicants who meet specific criteria can claim an increased relief, with the maximum relief extended to €30,000. This enhanced scheme is valid from July 23, 2020, to December 31, 2024. The original HTB scheme remains applicable for the period from January 1, 2017, to July 22, 2020.
For more detailed information on the enhanced HTB scheme and the specific relief amounts, please refer to the ‘How much can you claim?‘ section below.
Who Can Claim HTB?
To determine if you are eligible to claim benefits under the HTB scheme, certain criteria must be met:
- You must be a first-time property purchaser.
- The property must be purchased or self-constructed with the intention of residing in it as your primary residence.
What is a Qualifying Property?
The HTB scheme applies to a range of property types, including houses and apartments. To qualify for HTB, the property must meet specific criteria set out by the scheme.
How Much Can You Claim?
The amount you can claim through the HTB scheme depends on various factors, including the purchase price of the property, the tax you’ve paid, and whether you meet certain conditions.
Under the enhanced HTB scheme, which is in effect until December 31, 2024, eligible participants can claim an increased relief, capped at €30,000.
For a comprehensive breakdown of the relief amounts and conditions, please refer to the ‘How much can you claim?‘ page in this section.
What Do You Need to Do Before You Apply?
Before applying for HTB, it’s essential to ensure that you’ve met all the prerequisites and have gathered the necessary documentation. This step is crucial to ensure a smooth and successful application process.
How Do You Apply for HTB?
Applying for HTB involves a series of steps and the submission of specific documentation. To initiate the application process and receive the refund you’re entitled to, follow the guidelines outlined in the ‘How do you apply for HTB?’ section.
Information for Applicants, Lending Institutions, Solicitors, and Contractors
In addition to applicants, the HTB scheme involves various stakeholders, including lending institutions, solicitors, and contractors. Each party plays a crucial role in the application and approval process. It’s essential to understand the responsibilities and requirements for each group to ensure a seamless experience.
Can Revenue Claw Back a Refund?
While HTB provides valuable support for property purchasers, it’s essential to be aware of certain conditions and circumstances that may lead to a refund clawback by Revenue. Familiarize yourself with these conditions to ensure compliance with the scheme’s guidelines.
Conclusion
The Help to Buy (HTB) scheme is a valuable resource for first-time property buyers in Ireland, offering financial support to facilitate home ownership. By understanding the scheme’s details, eligibility criteria, and application process, you can take full advantage of this initiative to secure your new home.