Business Personal Finance

Tuesday 21 February 2017

The 60-second guide to... getting tax back for your first home

Published 23/10/2016 | 02:30

Get your taxes in order for the four years immediately prior to your tax rebate claim. You will need to file a tax return - and pay any outstanding taxes due - for each of these four years
Get your taxes in order for the four years immediately prior to your tax rebate claim. You will need to file a tax return - and pay any outstanding taxes due - for each of these four years

The Help to Buy scheme announced in Budget 2017 offers a tax rebate of up to €20,000 for first-time buyers. You must wait until January 1, 2017 to make a claim - even if you have already bought or built your home by then. To ensure your rebate comes through, make sure you meet all the conditions of the scheme before applying. Here's how to.

  • Go To

Buy a new-build house or apartment - or build your own home. You must live in the property yourself and the property cannot be valued at more than €600,000. The property must also have been bought or self-built between July 19, 2016 and the end of December 2019.

Borrow at least 70pc of the value of your home.

Don't buy with someone who has inherited or previously bought or built a property. This must be your first home (or the first home of both individuals if it is being bought jointly).

Live in the home for at least five years from the date the property becomes habitable. This rule applies to at least one of the people buying or building the property if a joint purchase or build.

Get your taxes in order for the four years immediately prior to your tax rebate claim. You will need to file a tax return - and pay any outstanding taxes due - for each of these four years.

You will need to apply for the rebate online. When applying, you must provide details of the property, your lender, your mortgage approval (including the percentage of the price of the home that is being borrowed), and the developer or contractor (if the property is being bought). You must also provide the purchase price and purchase date - and confirm that the balance of the deposit has been paid. A copy of the signed contract must also be uploaded to confirm that the contract to buy the home is agreed and signed.

Sunday Indo Business

Read More

Promoted articles

Editors Choice

Also in Business