Thomas Pringle
Question:128. Deputy Thomas Pringle asked the Minister for Finance his views on a taxation matter (details supplied); and if he will make a statement on the matter. [43983/23]
View answerTuesday, 10 October 2023
Questions (128)
Written answers
The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in the legislation. Section 477C of Taxes Consolidation Act 1997 (TCA) outlines the definitions and conditions that apply to the HTB scheme.
Taxpayers can apply for the HTB scheme if they are either, a first-time purchaser of a qualifying residence or a first-time purchaser in relation to a self-build qualifying residence. The applicant is required to confirm their eligibility as set out in the legislation during the application process.
Section 477C(1) TCA 1997 defines a self-build qualifying residence as a qualifying residence which is built, directly or indirectly, by a first-time purchaser on his or her own behalf. I am advised by Revenue that the person concerned made a claim for relief based on the property being a self-build qualifying residence. Following a review of the claim, Revenue has determined that the person does not qualify for the relief as the property does not meet the criteria of a self-build qualifying residence as set out in Section 477(1).
Question No. 129 answered with Question No. 127.