The Help To Buy Incentive
The help to buy incentive is a tax refund initiative worth up to €20,000. Under the incentive you may receive a refund or rebate of Income Tax and Deposit Interest Retention Tax (DIRT) paid over the previous four tax years. DIRT is a form of tax on interest earned on bank accounts in Ireland and this is where you refund will come from.
The maximum tax refundable is 5% of the value of the property, up to €20,000. If you move, leave or sell within 5 years from the date the house is habitable, some or all of the rebate will have to be repaid.
Criteria:
- you must be a first time buyer
- its must be for owner occupier
- you must be borrowing at least 70% of the value of the property
- it must be a newly built home on higher than €500,000
- self build
- the builder and developer needs to be registered with the incentive
For further information click here