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Help To Buy

  • 14-10-2016 12:38pm
    #1
    sibersha
    Registered Users, Registered Users 2 Posts: 320 ✭✭


    Question regarding Help to Buy scheme:

    Have signed building contract post July 19th and should be drawing down shortly and are receiving an 85% mortgage.

    As 1st time buyers of a new build, should we expect a rebate in January 2017 in form of a lump sum? Considering we have collectively paid 5% of the value in PAYE over the last 4 years. Or will it be a tax credits/tax relief?

    Thanks


Comments

  • #2
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    sibersha wrote: »
    Question regarding Help to Buy scheme:

    Have signed building contract post July 19th and should be drawing down shortly and are receiving an 85% mortgage.

    As 1st time buyers of a new build, should we expect a rebate in January 2017 in form of a lump sum? Considering we have collectively paid 5% of the value in PAYE over the last 4 years. Or will it be a tax credits/tax relief?

    Thanks

    See attached guidance http://www.revenue.ie/en/tax/it/reliefs/htb/index.html. This shows what you'll have to do to make the claim.

    This indicates the tax relief will take the form of a refund and everything else I've seen published on it suggests it will be an actual payment to you rather than a credit against your tax. I'd say there will be a rush of these in the new year and most likely there will be a good bit of processing time so it will prob be a bit into 2017 before you get the money even if you apply on Jan 1.


  • #3
    juliefitz
    Registered Users, Registered Users 2 Posts: 3 ✭juliefitz


    Hi All,

    Was hoping for a bit of help from someone who has claimed for the help to buy scheme. Our first draw down was after 19th of July 2016 which is grand. Our LTV ratio is over 70% which also seems fine.

    The contract with the builder is where I had a question. Does your contract have to be signed after or before July 19th 2016 or is that date of the contract revelant? as long as you have a contract. just trying to see if we can apply or not- Fingers Crossed :-)

    Thanks in advance for any help you can offer.


  • #4
    andydurnin
    Registered Users, Registered Users 2 Posts: 187 ✭✭andydurnin


    Hi. I get half way through the Help to Buy form online and it asks Please apportion the group's total refund available between all group members.

    When I try, is says Amount entered is greater than relief available. Please review.

    Can anyone tell me where I am going wrong


  • #5
    sibersha
    Registered Users, Registered Users 2 Posts: 320 ✭✭sibersha


    The relief available cannot exceed amount of tax you paid in last 5 years, you must have your "From 12" applications filled in for each year you wish to claim HTB value against.

    Main thread for HTB is https://www.boards.ie/vbulletin/showthread.php?t=2057658025&page=58


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