Revenue confirm facility to apply for enhanced HTB scheme is now available

Today (11/8/2020), Revenue confirmed that those eligible for the enhanced Help to Buy (HTB) scheme, announced as part of the Government’s July Stimulus package on 23 July, can now make their application online through myAccount or Revenue’s Online Service (ROS).

The Help to Buy Incentive scheme provides for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid over the previous four years to assist first-time property buyers with the deposit needed to buy or build a new house or apartment.

Under the enhanced HTB scheme, first-time property buyers who sign a contract for the purchase of a new house or apartment, or make the first draw down of the mortgage in the case of a self-build property, during the period from 23 July 2020 to 31 December 2020 are eligible for the increased relief to the lesser of:

• €30,000 (up from €20,000)
• or
• 10% (up from 5%) of the purchase price of the new home or of the completion value of the property in the case of self-builds
• or  
• the amount of Income Tax and DIRT paid over the four years prior to making the application.

All other criteria of the scheme remain unchanged.

First-time buyers who signed a contract for the purchase of a new house, or who drew down the first tranche of their mortgage in the case of a self-build, prior to 23 July 2020, will not satisfy the requirements of the enhanced HTB scheme but may still apply for the original HTB relief (up to a maximum of €20,000).

First-time property buyers who are eligible for the enhanced HTB scheme can now make their application. Guidance on how to make an application can be found at How do you apply for Help to Buy (HTB)?

First-time property buyers who have already submitted a HTB application to Revenue under the original HTB scheme but who satisfy the requirements of the enhanced HTB relief may cancel their original application and reapply to avail of the increased relief. 

Full details on how to reapply for HTB under the enhanced rules is available on the Revenue website.

First-time property buyers who have made a claim for the refund due under the original HTB scheme that has yet to be verified by their qualifying contractor, or solicitor for self-builds, and who satisfy the requirements of the enhanced HTB relief may cancel their claim and application and reapply to avail of the increased relief.

Finally, first-time property buyers whose claims under the original HTB scheme were verified by their qualifying contractor, or solicitor for self-builds, after 23 July 2020, but who satisfy the requirements of the enhanced HTB relief can request a review of their claim by contacting Revenue’s HTB Team via MyEnquiries.

[Ends 11/08/20]