Revenue eBrief No. 034/23

21 February 2023

Help to Buy (HTB)

Tax and Duty Manual Part 15-01-46 - Help to Buy (HTB) - has been updated as follows:

• To confirm that Finance Act 2022 extended the enhanced HTB relief to 31 December 2024.
• Paragraph 5. What is a Qualifying Residence? -  is updated to include a reference to the technical amendment to the definition of ‘Qualifying Residence” introduced in Finance Act 2022.
• Paragraph 5.4. Purchase of a property from a Local Authority - has been removed.  All conditions of the scheme must be met in order for an application to proceed.  Applicants who purchase from a local authority or State agency will not be excluded from the scheme where all conditions of the scheme are met.
• Paragraph 5.4.1. (previously paragraph 5.5.1.) has been amended to clarify that where the price paid for a property is less than its market value, the purchase value for the purposes of the HTB scheme will be the market value.
• Paragraph 7.4. Loan-to-Value Ratio – is amended to clarify that the purchase value of a property cannot be less that its market value for the purposes of the loan-to value calculation. New examples covering shared equity funding are also included.
• Paragraph 15.3. Temporary relocation for work during the 5-year clawback period – has been amended to clarify the conditions pertaining to this concession. A new example is also included.