John Lahart
Question:566. Deputy John Lahart asked the Minister for Finance if he will extend the help-to-buy schemes to first-time buyers for second-hand homes; and if he will make a statement on the matter. [18928/25]
View answerTuesday, 29 April 2025
Questions (566)
Written answers
The Help to Buy (HTB) incentive, is a scheme to encourage additional supply of new houses by supporting demand. It assists first-time purchasers with the deposit they need to buy or build a new house or apartment.
TB provides a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland over the previous four years, subject to limits outlined in section 477C of the Taxes Consolidation Act 1997 (TCA).
Based on the latest available data (31 March 2025), the HTB scheme has supported of the order of 55,000 individuals or couples to buy their own home.
In addition to the conditions laid down in the TCA, including that the property is occupied as the sole or main residence of a first time purchaser, section 477C(2) defines a ‘qualifying residence’. The legislation is very specific as to the definition of a qualifying residence. It must be a new building which was not, at any time, used or suitable for use as a dwelling. If the property was non-residential, but has been converted for residential use, it may qualify for HTB. Renovation or refurbishment of old houses to either upgrade or reinstate them for habitation does not qualify for HTB.
The Programme for Government commits to the "retention and revision" of the HTB scheme. Any revisions to the scheme would have to be considered in advance of the annual Budget and Finance Bill processes, having regard to the Department of Finance Tax Expenditure Guidelines and the sound management of the public finances; and would take into account the effective operation of the scheme and the impact any proposed changes would have on the broader housing market.