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.
The main provisions, as set out in the Finance Act are outlined below.
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.