The original Help to Buy scheme was introduced as part of Budget 2017 and is scheduled to run until 31 December 2021. The incentive helps first time buyers who are buying or building their own home to pay their mortgage deposit by giving them a rebate based on the value of their house. The incentive provides for a refund of income tax and DIRT paid over the previous 4 tax years.
As part of a Government stimulus plan, the Help to Buy scheme has been enhanced from the 23rd July 2020 to the 31st December 2020. The Enhanced Help to Buy initiative will enable successful applicants to an increased relief under the Help to Buy scheme to the lesser of the following:
1. €30,000 (previously €20,000), or
2. The amount of income tax and DIRT paid for the 4 years prior to making the application, or
3. 10% (previously 5%) of the purchase price or valuation for a self-build.
How to apply?
You can apply online through Revenue’s MyAccount.
Already applied under the original Help to Buy Scheme
For applicants who have made an application under the original Help to Buy Scheme, you should check to ensure that the application has now been updated to the enhanced Help to Buy relief. Some applications will automatically update however if not the applicant must cancel their application and re-apply.
If you have already reached the claim stage with the original Help to Buy Scheme, it is possible to cancel this application and to make a new application to avail of the Enhanced Help to Buy reliefs however applicants would be advised to discuss this with revenue directly through the MyEnquiries portal on Revenue.ie.