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

myshirt

Billythekid19 wrote: »

It's based on the last 4 paye years. So if you were in full employment for 3 of the last 4 years its likely you'll be entitled to 75 per cent of the amount

Are you sure they are not barred?

tomister

wolfyboy555 wrote: »

How does the HTB scheme work of you were out of the country for a year? I spent time abroad 2018/19 and will have been back working for 7/8 months by the time I would like to apply for the HTB. Before I left I was in full time work for 6 years.

Billythekid19 wrote: »

It's based on the last 4 paye years. So if you were in full employment for 3 of the last 4 years its likely you'll be entitled to 75 per cent of the amount

While its based on tax paid over the last 4 years, you choose which tax years the rebate is to be based on.
If you are a high income earner and pay in excess of €20k in tax a year you could, in theory, only select that tax year and still be eligible for the max rebate.
However if you are a low income earner you can use 4 tax years to try reach the max rebate.

OP you could use 2015 - 2017 tax years in full and partially use the 2018 tax year for your calculation.

stoves1

My son and partner have put a deposit on a new house, 300k , both paying paye tax since january 2019 this year, were in australia for previous 5 years, they have paid circa 7k already in paye this year, cannot register for previous years as not in ireland so didnt pay tax, am i right if they can delay the purchase (contract) untill jan 2020, they could ge this €7 k plus ie tax paid this year towards the house purchase as part of the help to buy, or is this amount divided by 4 as past 4 years qualify, thank yo for answers

GingerLily

stoves1 wrote: »

My son and partner have put a deposit on a new house, 300k , both paying paye tax since january 2019 this year, were in australia for previous 5 years, they have paid circa 7k already in paye this year, cannot register for previous years as not in ireland so didnt pay tax, am i right if they can delay the purchase (contract) untill jan 2020, they could ge this €7 k plus ie tax paid this year towards the house purchase as part of the help to buy, or is this amount divided by 4 as past 4 years qualify, thank yo for answers

They can't sign contracts until the new year to claim HTB, and I don't think the developers will wait 3 months for them to sign contracts, you would have to ask the developers.
For our new build, we had 21 days to sign contracts if we wanted to get our white goods for the kitchen, and 56 days to sign otherwise.
Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020.

stoves1

many thanks for reply, i notice your last line" Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020", does that mean they can retrospectively claim it back in 2020 ie 2019 income tax if they were to continue ie sign contracts before dec 2019, many thanks

Creamy Goodness

no. you don't claim it, the developer does. anything but a clean claim for a developer is not going to fly and I wouldn't even waste their time getting them to entertain anything but a clean claim.

GingerLily

stoves1 wrote: »

many thanks for reply, i notice your last line" Theyll qualify for a full rebate of all the income tax (so excluding USC and PRSI) from 2019 in 2020", does that mean they can retrospectively claim it back in 2020 ie 2019 income tax if they were to continue ie sign contracts before dec 2019, many thanks

No, I had already said they can't sign their contracts until 2020, and I should have a said after their HTB claim is approved.

I don't think they'll be able to claim HTB off any house they've already put a booking deposit on, although you'd have to talk to the developer, but I can't see them waiting that long.

The next tranche of houses could cost more than the rebate, so it's worth fully thinking through.

rachaelf750

I will be purchasing the dwelling I live in currently (built 2005), I have never owned a house before.

I am hearing conflicting information regarding this scheme, can someone clarify if I can avail of the Help to Buy (HTB) Scheme?

Creamy Goodness

rachaelf750 wrote: »

I will be purchasing the dwelling I live in currently (built 2005), I have never owned a house before.

I am hearing conflicting information regarding this scheme, can someone clarify if I can avail of the Help to Buy (HTB) Scheme?

No

It’s help to buy but it’s also an incentive to get developers to build desperately needed housing.

You can avail of the bank offers though we’re you only require 10% loan to value even on second hand homes.

rachaelf750

Creamy Goodness wrote: »

No

It’s help to buy but it’s also an incentive to get developers to build desperately needed housing.

You can avail of the bank offers though we’re you only require 10% loan to value even on second hand homes.

Ok,I have never purchased a property before and the only scheme on offer is not available to me as I am buying an older property, oh the fairness!

My only other choice is to purchase new or build or forgo any assistance.

Creamy Goodness

rachaelf750 wrote: »

Ok,I have never purchased a property before and the only scheme on offer is not available to me as I am buying an older property, oh the fairness!

My only other choice is to purchase new or build or forgo any assistance.

Ireland desperately needs more houses, incentivising people to buy existing stock doesn't fit that goal.

Tipsy McSwagger

Mine has been sorted, developer has received the money. I’m delighted to only have needed to provide half the deposit.

tomister

Tipsy McSwagger wrote: »

Mine has been sorted, developer has received the money. I’m delighted to only have needed to provide half the deposit.

Great news! Did you need the counter signed contracts in order to upload for the claim?
Signing this week and would love to get the claim sent off this week too!

GingerLily

rachaelf750 wrote: »

My only other choice is to purchase new or build or forgo any assistance.

Pretty much the same as everyone's choices!

The help to buy doesn't really help that much either unless you need it for your deposit , as house prices are a little bit more inflated in new developments!

HarleyG

Hi all I need some help please!! I’ve just started the process for applying for HTB we drew down mortgage October 2016, I’ve just tried to apply through revenue my account and it said ‘tax clearance certificate not issued’ I have no idea what this is as I have always being employed never self employed, has anyone else had this issue and where do I go from here? Other things it was looking for was p21 for 2016 and form12 for 2015 which I’ve done and resubmitted the application but this error about the tax clearance certificate is still coming up and won’t allow me to proceed until I have it sorted

A Neurotic

HarleyG wrote: »

Hi all I need some help please!! I’ve just started the process for applying for HTB we drew down mortgage October 2016, I’ve just tried to apply through revenue my account and it said ‘tax clearance certificate not issued’ I have no idea what this is as I have always being employed never self employed, has anyone else had this issue and where do I go from here? Other things it was looking for was p21 for 2016 and form12 for 2015 which I’ve done and resubmitted the application but this error about the tax clearance certificate is still coming up and won’t allow me to proceed until I have it sorted

I had the same. My P21 for 2018 came back with an underpayment - I had to settle the balance with Revenue before I could proceed with my application. But here's where I got stuck - even after I paid the tax due, it still said "tax clearance certificate not issued" in my Help to Buy application.

It turns out you need to apply for a tax clearance cert separately. The good news is that it's extremely easy and fast. Log into revenue myaccount and scroll to the box at the bottom - "Manage my Record". There's a link there to apply for tax clearance. In my case I clicked the link and literally immediately got the cert. I could then straightaway proceed with the Help to Buy application.

Hope this helps!

Tipsy McSwagger

tomister wrote: »

Great news! Did you need the counter signed contracts in order to upload for the claim?
Signing this week and would love to get the claim sent off this week too!

I uploaded the contract that was signed by myself and the developer and the letter of approval from the bank.

HarleyG

Thank you so much for your help!😊

HarleyG

Thanks so much!

A Neurotic wrote: »

I had the same. My P21 for 2018 came back with an underpayment - I had to settle the balance with Revenue before I could proceed with my application. But here's where I got stuck - even after I paid the tax due, it still said "tax clearance certificate not issued" in my Help to Buy application.

It turns out you need to apply for a tax clearance cert separately. The good news is that it's extremely easy and fast. Log into revenue myaccount and scroll to the box at the bottom - "Manage my Record". There's a link there to apply for tax clearance. In my case I clicked the link and literally immediately got the cert. I could then straightaway proceed with the Help to Buy application.

Hope this helps!

HarleyG

Hi all just need a bit more help regarding the HTB, so we drew down our first payment for our mortgage October 2016, we’re only claiming for HTB now as we just realised we could! So selected 2014,2015 and 2016 as the years to claim back and revenue came back with a figure approved of just under €5500, seems very low and was just wondering is it because they’ll only take 2015 and 2016 into consideration as 2014 would be outside the 4 year timeframe for claiming back tax? Definitely paid a lot more than €5500 between us for these 3 years so have no clue where they got that figure! :-(

el Fenomeno

HarleyG wrote: »

Hi all just need a bit more help regarding the HTB, so we drew down our first payment for our mortgage October 2016, we’re only claiming for HTB now as we just realised we could! So selected 2014,2015 and 2016 as the years to claim back and revenue came back with a figure approved of just under €5500, seems very low and was just wondering is it because they’ll only take 2015 and 2016 into consideration as 2014 would be outside the 4 year timeframe for claiming back tax? Definitely paid a lot more than €5500 between us for these 3 years so have no clue where they got that figure! :-(

What was the purchase price of the property?

Dolbhad

HarleyG wrote: »

Hi all just need a bit more help regarding the HTB, so we drew down our first payment for our mortgage October 2016, we’re only claiming for HTB now as we just realised we could! So selected 2014,2015 and 2016 as the years to claim back and revenue came back with a figure approved of just under €5500, seems very low and was just wondering is it because they’ll only take 2015 and 2016 into consideration as 2014 would be outside the 4 year timeframe for claiming back tax? Definitely paid a lot more than €5500 between us for these 3 years so have no clue where they got that figure! :-(

Yes I would think they could only consider two years as you can’t claim for 2014 now. But least that’s €5,500 you didn’t know you had.

niamhzie

Hate bringing it up, but if we're in the house before November, does that mean we're liable for lpt from 2020? I presume we'll get a letter....?

charlietheminxx

niamhzie wrote: »

Hate bringing it up, but if we're in the house before November, does that mean we're liable for lpt from 2020? I presume we'll get a letter....?

New properties are exempt from LPT.

niamhzie

charlietheminxx wrote: »

New properties are exempt from LPT.

Forever exempt? Or just in the year of purchase?

charlietheminxx

niamhzie wrote: »

Forever exempt? Or just in the year of purchase?

Houses built since 2013 are exempt until at least 2021, when that policy will be reviewed.

niamhzie

charlietheminxx wrote: »

Houses built since 2013 are exempt until at least 2021, when that policy will be reviewed.

Great stuff thanks a mill!

C6

According to citizens information lpt exemption only runs from 2013 to end of 2019 for new builds has it changed ?

https://www.citizensinformation.ie/en/money_and_tax/tax/housing_taxes_and_reliefs/local_property_tax_exemptions.html

charlietheminxx

C6 wrote: »

According to citizens information lpt exemption only runs from 2013 to end of 2019 for new builds has it changed ?

https://www.citizensinformation.ie/en/money_and_tax/tax/housing_taxes_and_reliefs/local_property_tax_exemptions.html

That page hasn't been updated since 2018 (weird for Citizen's Info, they're usually fairly on the ball). The government extended the exemption earlier this year:

https://www.gov.ie/en/news/6fff2e-minister-donohoe-announces-deferral-of-revaluation-date-for-local-pr/

C6

Excellent thats good news thank you