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Nearly 12,000 Apply For Irish Help-To-Buy Incentive

by Jason Gorringe, Tax-News.com, London

28 December 2017


Nearly 12,000 applications have been made to Ireland's Help-to-Buy (HTB) tax incentive scheme for first-time buyers.

The HTB incentive provides for a refund of income tax and deposit interest retention tax (DIRT) paid over the previous four tax years, up to a maximum of five percent of the purchase value of a property, up to a value of EUR400,000 (USD477,550). The HTB refund is capped at EUR20,000.

For a property to qualify under the scheme, it must be purchased or built as the first-time buyer's home. If purchased, it must be purchased from a qualifying contractor.

According to Revenue's latest analysis of the incentive, covering the period to November 30, the tax authority has to date received 11,985 HTB applications. Of these, 71.5 percent were approved; the rest remain pending.

Applicants apply online. Applicants progress to the claim stage only if the applicant decides to purchase a property that is eligible for the scheme. To make a claim, the claimant must confirm and provide evidence of the details of the property, the purchase price, date of completion, and mortgage and deposit paid.

Revenue said that many applications "may never progress to the claim stage because the applicant does not purchase a property or purchases a property not eligible for the scheme."

To date, 4,941 claims have been made, of which 4,402 have been approved. Revenue said that the estimated total value of approved HTB claims is around EUR62.9m, of which EUR16.4m relates to retrospective claims (for the period July 19 to December 31, 2016).

In Budget 2017, the Government projected that HTB would cost EUR50m in the first year (2017).

The majority of claims were in the region of EUR10,000 to EUR19,999.

The incentive is available for the period July 19, 2016, to December 31, 2019.

TAGS: tax | Ireland | tax incentives | interest | real-estate | tax authority | tax breaks | individual income tax

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