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Ireland's Help to Buy (HTB) tax incentive for first-time buyers has opened for applications.
Revenue's online application system was launched on January 3, 2017. There are two stages to the HTB online process – an application stage and a claim stage. Revenue said that, by 1pm on the first day, 120 online applications had been made.
HTB is designed to assist first-time buyers fund the deposit required to purchase or self-build a new house or apartment to live in as their home. It covers properties purchased between July 19, 2016, and December 31, 2019. It provides for a refund of income tax and Deposit Interest Retention Tax (DIRT) paid over the previous four tax years.
The first-time buyer must not have either individually or jointly with any other person previously purchased or built a property. The HTB does not include properties acquired for investment purposes.
A first-time buyer is eligible for HTB for a retrospective purchase of a house or apartment or a self-build property between July 19, 2016, and December 31, 2016. They must have signed a contract on or after July 19, 2016, or, in the case of a self-build, must have drawn down the first tranche of the relevant mortgage on or after that date.
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