Help to Buy Scheme - How much?

mrsmurphy258

My husband and I have applied online for the Help to Buy scheme and it was approved. Just got a code that you would pass on to a builder or whoever.
My question is, how do we know how much we would get? We are currently doing our finances to buy a new house and don't know how much to allow for.

Thanks in advance for any help

Turnipman

mrsmurphy258 wrote: »

My husband and I have applied online for the Help to Buy scheme and it was approved. Just got a code that you would pass on to a builder or whoever.
My question is, how do we know how much we would get? We are currently doing our finances to buy a new house and don't know how much to allow for.

Thanks in advance for any help

How much can you claim?

The amount that you can claim is the lesser of:

• €20,000
• 5% of the purchase price of a new home. (For self-builds this is 5% of the completion value of the property)
• the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.

The maximum payment is €20,000 per property. This cap applies regardless of how many people enter into a contract to buy a house.

From: https://www.revenue.ie/en/property/help-to-buy-incentive/how-much-can-you-claim.aspx

wiggle16

When your application is approved you are usually informed of the amount of HTB available to you, ie, when it's all been finalised and you get the go ahead. Have you completed your application in full?

BadSanta

Hi guys I'm applying online for help to but scheme do I need to thick all the years I paid taxes ie. 2014 to 2018?

wiggle16

Yes. If you don't tick a year you won't get the relief for that year.

Note you can only claim back over the last four years, ie, 2015 to 2018. 2014 should not be available afaik

BadSanta

wiggle16 wrote: »

Yes. If you don't tick a year you won't get the relief for that year.

Note you can only claim back over the last four years, ie, 2015 to 2018. 2014 should not be available afaik

Hi I did already and I have to submit F12 for 2015 and 2016. I am IT register from 2017 so I submit my F11 last year for 2017 and now I cannot used 2018 as I am planning to submit my F11 for 2018 at the end of October. so in short I can only used 3 years? do you recommend me to submit F11 for 2018 so I can include that year to my relief too?

Happy4all

Turnipman wrote: »

How much can you claim?

The amount that you can claim is the lesser of:

• €20,000
• 5% of the purchase price of a new home. (For self-builds this is 5% of the completion value of the property)
• the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.

The maximum payment is €20,000 per property. This cap applies regardless of how many people enter into a contract to buy a house.

From: https://www.revenue.ie/en/property/help-to-buy-incentive/how-much-can-you-claim.aspx

For a joint mortgage, is the tax paid in the previous 4 yrs for both parties added together?

BadSanta

Happy4all wrote: »

For a joint mortgage, is the tax paid in the previous 4 yrs for both parties added together?

yes but you need to make sure all years you submit your form 12 for both of you.