Help to Buy Incentive
The Help to Buy incentive is designed to assist first-time buyers with obtaining the deposit required to purchase or self-build a new house or apartment to live in as their home.
The incentive provides for a refund of income tax and DIRT paid over the previous four tax years to first-time buyers who purchase or self-build a new house or apartment to live in as their home.
Who is entitled to claim?
A first-time buyer of a house or apartment who purchases or self-builds a new residential property between 19 July 2016 and 31 December 2019 may be entitled to claim a refund of income tax and DIRT paid over the previous four tax years.
The first-time buyer must not have either individually or jointly with any other person (directly or indirectly), previously purchased, or built a property. Where more than one individual is involved in purchasing or building a new home, all of the individuals must be first-time buyers.
The property must have been purchased or built as the first-time buyer’s home. It does not include properties acquired for investment purposes.
The property must be occupied by the first-time buyer, or at least one of the first-time buyers in the case of multiple first-time buyers (a group), for a period of five years from the date the property is habitable.
What you need to do before you apply
Before you apply, all first-time buyers must:
• be registered for myAccount (PAYE) or ROS (self-assessed), and
• if you are a PAYE taxpayer, you will need to complete Forms 12 for the tax years you select for refund, or
• if you are self-assessed, you will need to complete Forms 11 for each of the four years immediately prior to the claim.
How to apply
If you are a ROS business user (self-assessed) you can apply through ROS
If you are a PAYE employee only, you can apply through myAccount
Should you have any further queries in relation to the above or require assistance in submitting an application please contact
Eoghan Bracken,
Padraig O’Donoghue or your representative in Moore Stephens.