2017-21 help to buy scheme - megathread. All help to buy discussion here please

Renjit

sdunne92 wrote: »

Has anyone claiming 2020 taxes received the refund yet?

Yeah, you should have entry with the name REVCOM************ in your bank statement if you have provided the bank details. Otherwise you will get a cheque posted to your home address maintained.

Renjit

jr1942 wrote: »

Guys who got it approved, did you get an email of some sort or had kept logging in to check it?
I need it asap and keep logging in every now and then to check which is fairly annoying, unless its an email then I can just forget about it till i get that.

You will get two emails with same subject "Notification of Revenue contact XXXXXXXXX". One for the approved HTB and one for the access code.

But from the emails you cannot tell what it is about. It just indicates that you have some updates.

BaguMka

Renjit wrote: »

My HTB approved today. Applied on 18th Jan.

Applied on 20th Jan. Hopefully will get it approved this week

Renjit

I have HTB approved including 2020 tax year. I signed the contract in late November 2020. So, will I be eligible for the tax year 2020 amount too? Below text says that the contract must be signed between 23 July, 2020 and 31 Dec, 2020 to avail 30k relief. Will it be an issue that I am including 2020 tax year too and my contract was signed in Nov, 2020.

Note - the amount of the final refund will be subject to 5% of the purchase price or approved valuation of the property or 10% if you sign contracts or draw down the first tranche of a qualifying loan in respect of a self-build, between 23/07/2020 and 31/12/2020), so it may differ from the maximum relief summary you received at application stage.
Important note: On the 23/07/2020, the government increased the maximum limit of Help to Buy relief to €30,000 subject to certain conditions being satisfied. In order to avail of these increased limits applicants must have signed a contract for the purchase of a new house or made the first draw down of the mortgage in the case of a self-build during the period 23 July 2020 to 31 December 2020. This will be confirmed at Claim stage. If the enhanced measures does not apply the maximum relief available is €20,000

And this is the text from summary guide. Which says that fours years prior to making the application. Is it the HTB application or the date on contract with the developer?

Enhanced HTB scheme – where applicants enter into 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,
they will be eligible for increased relief under the HTB scheme.
The maximum HTB relief you are entitled to will be based on the lesser of:
• €30,000 (increased from €20,000),
• 10 per cent (increased from 5 per cent) of purchase price/value of your
property, or,
• the amount of Income Tax and DIRT paid for the four years prior to
making the application

Milena009

Renjit wrote: »

I have HTB approved including 2020 tax year. I signed the contract in late November 2020. So, will I be eligible for the tax year 2020 amount too? Below text says that the contract must be signed between 23 July, 2020 and 31 Dec, 2020 to avail 30k relief. Will it be an issue that I am including 2020 tax year too and my contract was signed in Nov, 2020.

Hi
This text has to be updated I think.
I applied for HTB and got 30k with expiry date of 31/12/2021.

Renjit

Milena009 wrote: »

Hi
This text has to be updated I think.
I applied for HTB and got 30k with expiry date of 31/12/2021.

Thanks. So does that mean, I can claim for the HTB including 2020 tax year even if contract was signed in Nov 2020? I don't see any specific text mentioning this condition.

DubLad69

Mine is still saying waiting for membership confirmation. I applied earlier in the month.

Is this normal.

jr1942

DubLad69 wrote: »

Mine is still saying waiting for membership confirmation. I applied earlier in the month.

Is this normal.

Yes

Renjit

DubLad69 wrote: »

Mine is still saying waiting for membership confirmation. I applied earlier in the month.

Is this normal.

Yes, even after your spouse confirm. You will see other member waiting for confirmation.

BaguMka

Hi. Who can explain this information:
On the 23/07/2020, the government increased the maximum limit of Help to Buy relief to €30,000 subject to certain conditions being satisfied. In order to avail of these increased limits applicants must have signed a contract for the purchase of a new house or made the first draw down of the mortgage in the case of a self-build during the period 23 July 2020 to 31 December 2020. This will be confirmed at Claim stage. If the enhanced measures does not apply the maximum relief available is €20,000
Does it mean that If i sign contract in 2021 I can get maximum 20000? Can someone clarify please ?

Busi_Girl08

BaguMka wrote: »

Hi. Who can explain this information:
On the 23/07/2020, the government increased the maximum limit of Help to Buy relief to €30,000 subject to certain conditions being satisfied. In order to avail of these increased limits applicants must have signed a contract for the purchase of a new house or made the first draw down of the mortgage in the case of a self-build during the period 23 July 2020 to 31 December 2020. This will be confirmed at Claim stage. If the enhanced measures does not apply the maximum relief available is €20,000
Does it mean that If i sign contract in 2021 I can get maximum 20000? Can someone clarify please ?

They extended the upper limit of 30k to the end of this year in the Budget in October. So you should be able to get up to 30k this year once you sign before the 31st of December.

BaguMka

Busi_Girl08 wrote: »

They extended the upper limit of 30k to the end of this year in the Budget in October. So you should be able to get up to 30k this year once you sign before the 31st of December.

I just got this message from revenue with approval. I understand that they extended the upper limit of 30k to the end of this year. It says in the message that in order to avail of this sum contracts must be signed before 31st December 2020??

Milena009

BaguMka wrote: »

I just got this message from revenue with approval. I understand that they extended the upper limit of 30k to the end of this year. It says in the message that in order to avail of this sum contracts must be signed before 31st December 2020??

It is a mistake alright.
They have confirmed to people that the 30k is good to go this year. Our broker confirmed too ☺️

BaguMka

Milena009 wrote: »

It is a mistake alright.
They have confirmed to people that the 30k is good to go this year. Our broker confirmed too ☺️

Thanks for putting my mind at ease

Renjit

BaguMka wrote: »

Thanks for putting my mind at ease

Check the guide
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

Point 2.2

Enhanced HTB: Contract entered into for purchase of house or draw down of
first tranche of mortgage for self-build cases between 23 July 2020 and 31
December 2021:
The maximum rebate is calculated at the lower of:
(1) €30,000, or
(2) The amount of income tax and DIRT paid for the 4 tax years
prior to making the application, or
(3) 10% of the purchase price of the house or its valuation in the
case of a self-build.

BaguMka

Renjit wrote: »

Check the guide
https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

Point 2.2

Perfect. Then they just made a mistake when wrote not updated info to me

Renjit

BaguMka wrote: »

Perfect. Then they just made a mistake when wrote not updated info to me

Yeah, I received the same old text in revenue messages. They need to update it.

Shivs123

Hi,

We applied for the HTB at the same time on the 18th Jan 2021, my boyfriends got approved on the 25th Jan but mine is still down as under review.
They replied to my enquiry and said they're doing them in order but clearly not...

Anyone know on the wait time? We're under quite a lot of pressure

Pete123456

Shivs123 wrote: »

Hi,

We applied for the HTB at the same time on the 18th Jan 2021, my boyfriends got approved on the 25th Jan but mine is still down as under review.
They replied to my enquiry and said they're doing them in order but clearly not...

Anyone know on the wait time? We're under quite a lot of pressure

Call revenue and ask them to escalate as you’re under pressure. They’ll ask you to upload proof and then likely sort it within a day or two

Sumaire

Revenue phone lines seem to be closed at the moment, I tried to call them this morning.

We submitted a HTB application on 16th January 2021, and thus far no movement.

My partner is listed as 'awaiting confirmation' on my screen, yet they have confirmed they are part of the group from their profile.
Also, I am a PAYE employee and yet have been asked to provide a Tax Clearance Certificate TCC? Is this a usual step? It appears to be an error as I am, nor my partner, are self employed.

I submitted an enquiry on 18th January, the enquiry is still 'pending'. Hoping there will be movement on this soon. Similar to other posters, it would be great to get an idea how long the application takes.

georgieox

Apologies if this has been asked already - when Revenue are calculating entitlement do they use the tax you paid before or after they applied the tax credits for that year?
Currently at waiting stage with the application and trying to do a quick calc myself
Thanks a million!

BaguMka

georgieox wrote: »

Apologies if this has been asked already - when Revenue are calculating entitlement do they use the tax you paid before or after they applied the tax credits for that year?
Currently at waiting stage with the application and trying to do a quick calc myself
Thanks a million!

Just open your last payslip for 2020 and you will see total tax you paid for last year. This sum you will get using HTB scheme

Milena009

Sumaire wrote: »

Revenue phone lines seem to be closed at the moment, I tried to call them this morning.

We submitted a HTB application on 16th January 2021, and thus far no movement.

My partner is listed as 'awaiting confirmation' on my screen, yet they have confirmed they are part of the group from their profile.
Also, I am a PAYE employee and yet have been asked to provide a Tax Clearance Certificate TCC? Is this a usual step? It appears to be an error as I am, nor my partner, are self employed.

I submitted an enquiry on 18th January, the enquiry is still 'pending'. Hoping there will be movement on this soon. Similar to other posters, it would be great to get an idea how long the application takes.

Hi there,
It is likely not a mistake.
You can easily get tax clearance certificate Manage my records - > tax clearance -> reason: Grant.

I had to do same and I am PAYE

ADO

Hi folks,

Myself s my other half have started the application for HTB, when I log in it says awaiting membership confirmation from my other half, and when she logs in she sees the same for me. What's the story with that?

Secondly, my application also says income tax return not filed for 2018 & 2020, along with statement of liability not requested for 2018 and 2020.

How exactly do I get this sorted so as that my application will progress to the next stage, I'm in a pickle as we have just paid a booking deposit for a new build that should be ready in about 3 months or so (hopefully)

Many thanks for the help folks, and sorry if these a stupid question as I'm a complete novice at this stuff.

Markitron

ADO wrote: »

Hi folks,

Myself s my other half have started the application for HTB, when I log in it says awaiting membership confirmation from my other half, and when she logs in she sees the same for me. What's the story with that?

Secondly, my application also says income tax return not filed for 2018 & 2020, along with statement of liability not requested for 2018 and 2020.

How exactly do I get this sorted so as that my application will progress to the next stage, I'm in a pickle as we have just paid a booking deposit for a new build that should be ready in about 3 months or so (hopefully)

Many thanks for the help folks, and sorry if these a stupid question as I'm a complete novice at this stuff.

Go to manage my tax 2016-2020, you will see a list of the years and can request a SoL for 2018 and 2020 there.

caoimhe_kelly

Hi,

Would it be worthwhile financially to take out a mortgage of €100k more than required solely to avail of the help to buy scheme (requirement is 70% LTV minimum) and get €30K off the price of the new build?

Thinking of paying off a big chunk as soon as possible or switching provider to come back down to a lower rate. I'm not sure are there financial penalties or how early it would be possible to do this.

Thank you

DubLad69

caoimhe_kelly wrote: »

Hi,

Would it be worthwhile financially to take out a mortgage of €100k more than required solely to avail of the help to buy scheme (requirement is 70% LTV minimum) and get €30K off the price of the new build?

Thinking of paying off a big chunk as soon as possible or switching provider to come back down to a lower rate. I'm not sure are there financial penalties or how early it would be possible to do this.

Thank you

Yes,

You could take out a mortgage on a Variable rate. Once the house is purchased, you could immediately pay off the €100k and then switch to a lower interest fixed rate with the same bank.

There would be very little additional work.

ADO

Another stupid question for you folks, we applied for HTB back in December 2018....when I check it it says amount available to me 20k..amaount avail to group 30k, we never used it (obviously) but now we have Re applied for HTB as it's now 30k available, do I need to cancel the old request or has the 2018 request expired? Sorry I'm completely alien to all of this

Busi_Girl08

Just logged in and my fiance's status in the group has been updated from "Membership application pending" (or something like that) to "Member added successfully".

I applied on the 14th of January for our group. We were waiting for my fiance's tax returns to come back for 2 outstanding years, and I have a WSS tax liability which I was told I won't be penalised on, as they're not accounting for Covid-related tax liabilities before they can release credits for the scheme.

Just so people have an idea of the timeline and have a bit of hope that things are moving .

Just to note as well I'm in the early stages of my mortgage application at the moment so am not in any major hurry. Anyone who is in a panic in the final stages of a sale, draw down etc just send a request through My Enquiries with your details (any supporting documents regarding the house sale), and if you can ring Revenue too to try and speed up the process.

caoimhe_kelly

DubLad69 wrote: »

Yes,

You could take out a mortgage on a Variable rate. Once the house is purchased, you could immediately pay off the €100k and then switch to a lower interest fixed rate with the same bank.

There would be very little additional work.

Thanks DubLad69. I just need to try and get an exemption now to try and borrow that amount. I am not a high earner and have 3 dependants so this could be difficult.

Would any of the lending institutes allow you to factor in to the mortgage agreement that you will pay off €100k as soon as house is purchased?