Jim O'Callaghan
Question:247. Deputy Jim O'Callaghan asked the Minister for Finance his views on a matter relating to help-to-buy and the Revenue Commissioners (details supplied). [54870/23]
View answerTuesday, 12 December 2023
Questions (247)
Written answers
The Help to Buy (HTB) scheme, as legislated for by Section 477C of the Taxes Consolidation Act 1997 (TCA), is designed to assist first-time buyers with the deposit required to purchase or self-build a new house or apartment to live in as their home.
In accordance with Section 477C (1) of the legislation, the purchase value of the qualifying residence cannot exceed €500,000. In the case of a self-build residence, the purchase value is defined as the approved valuation, being ‘the valuation of the residence that, at the time the qualifying loan is entered into, is approved by the qualifying lender as being the valuation of the residence’.
Furthermore, Section 477C (11) requires that the minimum Loan to Value (LTV) ratio in respect of any claim be at least 70%.
I am advised by Revenue that the details supplied relate to a claim in respect of a self-build residence with an approved valuation of €550,000 which exceeds the maximum allowable purchase value for relief to apply. Additionally, the 70% LTV ratio has not been met.