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Tax Reliefs Eligibility

Dáil Éireann Debate, Wednesday - 26 October 2016

Wednesday, 26 October 2016

Questions (57)

Charlie McConalogue

Question:

57. Deputy Charlie McConalogue asked the Minister for Finance if a person (details supplied) can avail of the new first-time buyers grant; and if he will make a statement on the matter. [32327/16]

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Written answers (Question to Finance)

I announced the Help to Buy scheme on Budget day and the full details of the scheme were published last week in Finance Bill 2016.  The scheme will operate on the basis of a rebate of income tax paid and will not be grant based.

In order for a first-time buyer to be eligible for the scheme, he or she must have signed a contract to purchase a new residence on or after 19 July 2016 and on or before 31 December 2019.  The date of 19 July was chosen as it was the date of the launch of 'Rebuilding Ireland: Action Plan for Housing and Homelessness', which included a commitment to introduce such a scheme in the Budget.  The backdating of the scheme to that date was to avoid any potential interruption in the housing market after that date while purchasers waited for details of the scheme to emerge.

It is unclear from the details provided when precisely the individual concerned signed the contract to purchase the new residence.  If the contract to purchase was signed on or after 19 July 2016, the individual may be eligible for the scheme.  If it was signed before 19 July 2016, the individual will not be eligible for the scheme.

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