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Tax Reliefs

Dáil Éireann Debate, Tuesday - 5 April 2022

Tuesday, 5 April 2022

Ceisteanna (239, 248)

Seán Haughey

Ceist:

239. Deputy Seán Haughey asked the Minister for Finance if he will allow fresh start applicants including those who have judicial separations and divorces to avail of the help-to-buy incentive; and if he will make a statement on the matter. [17574/22]

Amharc ar fhreagra

Richard Bruton

Ceist:

248. Deputy Richard Bruton asked the Minister for Finance if the help-to-buy scheme is being extended to persons whose marriages have broken down as well as to first-time buyers; and if he will make a statement on the matter. [17881/22]

Amharc ar fhreagra

Freagraí scríofa

I propose to take Questions Nos. 239 and 248 together.

Section 477C of the Taxes Consolidation Act 1997 requires that applicants for the Help to Buy Scheme (HTB) must be first-time buyers. This includes circumstances where there is more than one person involved in the purchase or building of a new home.

The definition of first time buyer in Help to Buy is as follows:

'first-time purchaser' means an individual who, at the time of a claim under subsection (3) has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his or her own behalf a dwelling;

The intention is to target the Help to Buy scheme on those who have not had the opportunity to build up equity in another property which could be used to purchase the second or subsequent property.

The definition complements that in the Central Bank's macro-prudential rules. It should be noted that the Bank is independent in the formulation of this policy.

I have no plans at present to amend the definition of first time buyer along the lines mentioned by the Deputies.

Finally, I announced in my Budget 2022 address that a formal review of the Help to Buy scheme will take place in 2022. The review will be fundamental in nature and will inform decisions for Budget 2023 and Finance Bill 2022. I understand that the tender process for the review is underway at present.

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