Pádraig O'Sullivan
Question:332. Deputy Pádraig O'Sullivan asked the Minister for Finance if a scheme (details supplied) will be reviewed to address an anomaly; and if he will make a statement on the matter. [48430/23]
View answerTuesday, 7 November 2023
Questions (332)
Written answers
The Help-to-Buy (HTB) incentive is an income tax relief designed to assist first-time buyers with obtaining the deposit required to purchase or build their first home. With a view towards increasing the supply of new housing, the relief is only available for ‘new builds’. Broadly, the relief takes the form of a rebate of income tax, including DIRT, paid over the previous four tax years. However, it is open to claimants to select all or any of the previous four tax years for the purposes of calculating the refund available to them.
In Budget 2024 I announced a proposed amendment in Finance Bill 2023 to the Help to Buy scheme to enhance its interaction with the Local Authority Affordable Purchase Scheme (LAAP). This amendment will enable the use of the affordable dwelling contribution received through the LAAP scheme for the purposes of calculating the 70 per cent loan-to-value requirement, thereby facilitating access to a greater number of LAAP purchasers to the HTB scheme.
This change is effective from 11 October 2023 and cannot be claimed retrospectively.