Help to Buy Scheme for Graduates - No help??

chainsawpaddy

Hi,

Just curious about the new Help to Buy scheme which gives people a 5% tax rebate on the amount of tax paid in the last 4 years up to the value of €20,000. So being a graduate and only back in the workforce since June 2016, will I be able to avail of this scheme? Looks like I won't.

Thanks.

Gumbo

chainsawpaddy wrote: »

Hi,

Just curious about the new Help to Buy scheme which gives people a 5% tax rebate on the amount of tax paid in the last 4 years up to the value of €20,000. So being a graduate and only back in the workforce since June 2016, will I be able to avail of this scheme? Looks like I won't.

Thanks.

The scheme doesn't differentiate against people's qualifications. Doesn't matter if you have just qualified in quantam physics or have worked cleaning the floor is spat, you both can apply for the scheme.

bmwguy

If you haven't paid tax in the last 4 years, then no. But if the scheme continues to run then the tax you are paying now could be refunded.
I have friends just back from Australia that bought just recently but they can't avail either

chainsawpaddy

kceire wrote: »

The scheme doesn't differentiate against people's qualifications. Doesn't matter if you have just qualified in quantam physics or have worked cleaning the floor is spat, you both can apply for the scheme.

You've missed my point. The question would be the same for someone who hasn't paid tax in the last 4 years because they were unemployed. If you haven't paid tax in the state in the last 4 years because you were studying, working abroad or unemployed, can you avail of the scheme?

I personally was studying last year, but was working abroad since 2013.

bmwguy wrote: »

If you haven't paid tax in the last 4 years, then no. But if the scheme continues to run then the tax you are paying now could be refunded.
I have friends just back from Australia that bought just recently but they can't avail either

Ok then, so am I right in saying basically I will pay little or no tax going forward to the value of 5% of the value of any new house I purchase?

Gumbo

chainsawpaddy wrote: »

You've missed my point. The question would be the same for someone who hasn't paid tax in the last 4 years because they were unemployed. If you haven't paid tax in the state in the last 4 years because you were studying, working abroad or unemployed, can you avail of the scheme?

I personally was studying last year, but was working abroad since 2013.



Ok then, so am I right in saying basically I will pay little or no tax going forward to the value of 5% of the value of any new house I purchase?

Yeah that's correct. In my opinion it's correct also. How can we give people tax back that haven't paid any tax in the first place.

Graham

chainsawpaddy wrote: »

Ok then, so am I right in saying basically I will pay little or no tax going forward to the value of 5% of the value of any new house I purchase?

kceire wrote: »

Yeah that's correct.

Is that right? People that don't currently have sufficient tax paid can claim the help to buy assistance as some form of future tax credit?

chainsawpaddy

Graham wrote: »

Is that right? People that don't currently have sufficient tax paid can claim the help to buy assistance as some form of future tax credit?

This is what I was hoping to find out. I hope to call the Revenue today to confirm.

dathi

chainsawpaddy wrote: »

This is what I was hoping to find out. I hope to call the Revenue today to confirm.

What am I entitled to claim?
First-time buyers are entitled to claim a refund of any income tax and DIRT paid over the previous
four years.
taken from the revenues page you can only claim a refund of tax paid not future tax owed