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How the Help to Buy scheme can support you

In this article, we will be discussing the Help to Buy (HTB) scheme in detail highlighting some of our top takeaways.

What is the Help to Buy scheme?

The Help to Buy scheme is a government tax refund scheme designed to help first-time buyers (FTBs) get their deposit to purchase a newly built home. Along with helping FTB's purchase a new home, the aim is also to incentivise builders to build more new houses and apartments.

How much can I claim?

You can claim a tax refund equal to 10% of the purchase price of the property, up to a maximum of €30,000. It is a refund of income tax and DIRT that you have paid over the previous 4 tax years. You cannot claim relief on Pay Related Social Insurance (PRSI) or Universal Social Charge (USC). To qualify for the maximum amount, you must have paid that much over the last four years.

You qualify for the lesser of:

  • €30,000
  • 10% of the purchase price of the property
  • The amount of Income & DRT tax you have paid over the previous 4 years

What are the conditions?

  • All applicants must be a FTB, however if you have inherited or been gifted a property in the past, you may still qualify.
  • You must be purchasing a newly built home or doing a self-build.
  • Maximum purchase price (or certified value, if self-build) must be €500,000
  • Minimum loan-to-value (LTV) must be 70% (so the maximum deposit you can put in is 30%).

How do I apply?

  • If you are a PAYE employee only, you can apply for the Help to Buy scheme through Revenue’s myAccount service.
  • If you are a self-assessed taxpayer, you can apply through Revenue’s Online Service (ROS).
  • You will also need access to MyEnquiries through the Revenue’s MyAccount section.
  • Your tax affairs must be fully up to date & you must be tax compliant in order to apply.
  • Once you complete an application, you'll be advised on the maximum relief available to you.
  • You'll also receive an application number and an access code which can be provided to your lender to verify your Help to Buy relief.

Help to Buy takeaways

  1. HTB can be used in conjunction with the Shared Equity Scheme (First Home Scheme)
  2. You must live in the property for 5 years, otherwise the revenue reserve the right to clawback.
  3. The minimum LTV is 70%.
  4. The maximum is 10% of purchase price up to a maximum of €30,000.
  5. The maximum purchase price to qualify under the scheme is €500,000.
  6. The enhanced Help-to-Buy scheme has been extended until the end of 2024.
  7. Your tax affairs must be up to date in order to apply.

Source: Revenue

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