Help to Buy (HTB) incentive?
HTB is a scheme of tax relief for first time buyers or those building their own home
To claim HTB, you must:
- be a first-time buyer
- buy or build a new property between 19 July 2016 and 31 December 2021
- live in the property as your main home for five years after you buy or build it
- be tax compliant, if you are self assessed you must also have tax clearance.
To qualify, you must not have previously bought or built a house or apartment, either on your own or jointly with any other person. If you are buying or building 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.
The amount that you can claim is the lesser of:
- €20,000
- 5% of the purchase price of a new home. For self-builds this is 5% of the completion value of the property
- the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.
The maximum payment is €20,000 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.
Subject to qualifying conditions and critiera
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie