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

PedroDublin

Hello everyone, what do you think the purchase date mean on the new help to buy scheme? Contracts signed by buyers, contracts received, mortgage withdrawal, closing date..... I have seen different things on different news

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68 lost souls

ohlordy wrote: »

Sunday Business Post had it being scrapped on their front page yesterday. I would think that's a step up from it only being mentioned on clickbait sites as stated above

This would be absolutely devastating for us. Signed our contracts and handed over deposits a fortnight ago.

q85dw7osi4lebg

I'd imagine even if it was scrapped it would still stand from July to whenever the scrapped date would be, as it would screw a lot of parties otherwise.

Utah

Cayden Red Sender wrote: »

I'd imagine even if it was scrapped it would still stand from July to whenever the scrapped date would be, as it would screw a lot of parties otherwise.

I would imagine they'd have to honour it

68 lost souls

Cayden Red Sender wrote: »

I'd imagine even if it was scrapped it would still stand from July to whenever the scrapped date would be, as it would screw a lot of parties otherwise.

Especially if the reason being put forward was raised housing costs, then those effected by the raised costs would be truly screwed. (Thankfully not us)

bleary

I imagine the talk of scrapping is just to put the frighteners on developers. So we need to see a big increase in development and stopping price gouging or else we will pull the rug out. It won't happen before the next budget. tbh it was presented originally anyway as a short term measure (two years I think).

I did laugh at Simon Coveney talking about how the grant had not affected prices of new developments recently. He said that only three developments raised prices and two rolled these increases back.
How many waited till after the budget to release the new schemes and phases?
Including the Nama backed Hazel brook where prices increased from 450,000 to 485,000 in the space of 5 months.
Can everyone who thinks that is helping them to buy raise their hands?

awec

Short term it will cause pain, but ultimately the whole point is to make developers build more houses, not to put more money in buyers pockets. Houses that exist today can increase prices because there still isn't enough supply, but it will be more difficult to raise prices when supply increases (which is what this grant is supposed to stimulate).

It brings more people into the net of buying which will:

1. Increase demand initially for low supply, bringing prices up
2. Developers will see they can make money again, they will build more
3. Supply will increase, prices will stabilise and possibly drop
4. As people currently renting start buying property the rental supply increases and the rental demand decreases, freeing up homes for people who cannot buy and causing rent prices to fall.
5. This in turn makes it easier for renters to save for houses

The system is all blocked up at the moment, the point is to unblock the system. It isn't going to solve the problem overnight, people complaining that prices are going up are missing the point IMO. Politicians complaining about it are being disingenuous to play to the crowd.

ohlordy

Today the Irish Times are reporting details of how it will work, opens for applications on revenue website from January 3rd, so perhaps it is going ahead as planned

The_Conductor

ohlordy wrote: »

Today the Irish Times are reporting details of how it will work, opens for applications on revenue website from January 3rd, so perhaps it is going ahead as planned

Going ahead until at least mid September 2017- when it is to be evaluated by a number of different Departments, under the auspices of Minister Coveney, before budget 2018.

CramCycle

ohlordy wrote: »

Today the Irish Times are reporting details of how it will work, opens for applications on revenue website from January 3rd, so perhaps it is going ahead as planned

It was never in doubt once they announced it, maybe the details but it is almost unheard of for a government to roll back on such a statement so quickly. The earliest it was ever going to fold up will be at the end of next year. Although with issues relating to permission, building, unexpected delays, it would be foolish not to let it run for two years to let it run it's course and see if it can work.

ohlordy

IT report says running til December 31 2019

TheUnderfaker

Just in case anybody is in the same situation as I am - returning emigrant signing contracts in 2016 and hoping to get 2016 tax paid included in rebate - I was speaking to revenue and confirmed that the scheme starts in 2017, so all claims in the first year will be based on the 2013-2016 tax years.

stickman22

Great, so this current year (2016) is taken into account?

TheUnderfaker

stickman22 wrote: »

Great, so this current year (2016) is taken into account?

That's the word I got from revenue, yes. Can we take their word is a completely different question

CramCycle

TheUnderfaker wrote: »

That's the word I got from revenue, yes. Can we take their word is a completely different question ðŸ˜‰

It is never their word, it is their "opinion", and you should try and get it in writing (not in this matter but in general). Opinions like they say, are like ********s, everyone's got one. Just like real life though, revenue are entitled to change their opinion.

TheUnderfaker

CramCycle wrote: »

It is never their word, it is their "opinion", and you should try and get it in writing (not in this matter but in general). Opinions like they say, are like ********s, everyone's got one. Just like real life though, revenue are entitled to change their opinion.

I have submitted a query to "my enquiries" on revenue.ie and am waiting on a response to that. Just called up in the meantime to ask the question.

I'd be inclined to believe the guy I was talking to. The online system works for the last 4 tax years so when it comes to submitting applications in 2017 the only years available will be 2013, 2014, 2015 and 2016.

I will update here when I get the written response anyway.

CramCycle

TheUnderfaker wrote: »

I have submitted a query to "my enquiries" on revenue.ie and am waiting on a response to that. Just called up in the meantime to ask the question.

I'd be inclined to believe the guy I was talking to. The online system works for the last 4 tax years so when it comes to submitting applications in 2017 the only years available will be 2013, 2014, 2015 and 2016.

I will update here when I get the written response anyway.

Thanks for that. I do wonder then the hubbub about getting the 2012 (which had to be scanned and submitted online to a different are of myaccount) stuff in. Is it a case of, which ever one suits you best?

ams

I just printed out the 2012 returns yesterday.

Given that I won't receive my 2016 P60 until February at the earliest it will suit me better to claim from 2012 -2015.

TheUnderfaker

CramCycle wrote: »

Thanks for that. I do wonder then the hubbub about getting the 2012 (which had to be scanned and submitted online to a different are of myaccount) stuff in. Is it a case of, which ever one suits you best?

I must have missed that hubbub... What happened there if you don't mind me asking?

CramCycle

TheUnderfaker wrote: »

I must have missed that hubbub... What happened there if you don't mind me asking?

hubbub might be a bit strong. Revenue are currently taking Form 12s on their website for the year 2012, specifically for the purpose of the help to buy scheme. i think someone here even had a link earlier. Instead of just rolling back the current system from 2013 to 2012, you had to print out the Form 12 for 2012, fill it out, scan it and submit it online (only for this scheme). They will then use this for those who bought in 2016 apparently.

Hence why I ask will it be the best of the two options?

TheUnderfaker

CramCycle wrote: »

hubbub might be a bit strong. Revenue are currently taking Form 12s on their website for the year 2012, specifically for the purpose of the help to buy scheme. i think someone here even had a link earlier. Instead of just rolling back the current system from 2013 to 2012, you had to print out the Form 12 for 2012, fill it out, scan it and submit it online (only for this scheme). They will then use this for those who bought in 2016 apparently.

Hence why I ask will it be the best of the two options?

Interesting, I never knew that was happening. Hopefully we get the best of both worlds or else I ain't gettin no rebate!

CramCycle

TheUnderfaker wrote: »

Interesting, I never knew that was happening. Hopefully we get the best of both worlds or else I ain't gettin no rebate!

See it here but it doesn't say about the year to claim thing, it is in the second section, what you need to do to apply:
http://www.revenue.ie/en/tax/it/reliefs/htb/index.html

cronos

Has anyone a checklist of things they are planning to get sorted before 3rd of January? Luckily I've managed to secure an exactly 70% mortgage. 266k loan on a 380k house value. Hoping I've covered everything off.

Collyb101

I plan to get on Revenue [my account] pronto in January to organise my p21 forms for 2012-2016. Hopefully work from there.

cronos

Collyb101 wrote: »

I plan to get on Revenue [my account] pronto in January to organise my p21 forms for 2012-2016. Hopefully work from there.

You only need 4 years so if you're using 2016 then you wouldn't need 2012 and 2012 is a pain in the arse as you have to do it on paper and scan it in. The rest can be done online. Actually you can already do years 2013, 2014 and 2015 online right now. 2016 you can do in January. 2012 as I said you can do now but on paper then scan it in.

I got about 150 euro returned myself from the balancing statements which was nice.

If anyone has the paper version of the 2012 form handy that would be great. I can't find it on the revenue site. Probably missing something obvious lol

Collyb101

Yes, of course. No need for 2012. I actually had to get 2015 for my mortgage application and I was given an unexpected €1200 back. Nice wee surprise. I'll do the rest together as I cannot be arsed doing it twice.
I haven't been keeping up to date with this thread/the details of how things will work BUT i have paid my 10% deposit on my house to be already to secure the contract. Does anyone know, at this point, how the reimbursement might work? Probably been discussed a dozen times, sorry.

cronos

Collyb101 wrote: »

Yes, of course. No need for 2012. I actually had to get 2015 for my mortgage application and I was given an unexpected €1200 back. Nice wee surprise. I'll do the rest together as I cannot be arsed doing it twice.
I haven't been keeping up to date with this thread/the details of how things will work BUT i have paid my 10% deposit on my house to be already to secure the contract. Does anyone know, at this point, how the reimbursement might work? Probably been discussed a dozen times, sorry.

On that topic. I signed a contract on August 2nd 2016, but house won't be finished + snagging till February 2017. So do I use 2013 - 2016 or august 2012 to august 2016?

Alter_Ego

cronos wrote: »

On that topic. I signed a contract on August 2nd 2016, but house won't be finished + snagging till February 2017. So do I use 2013 - 2016 or august 2012 to august 2016?

You are free to choose any or all of the last 4 years for the tax return. For example, if you paid 20,000 tax in 2015 and looking for 18,000 refund, you just need to complete tax return for 2015.

CramCycle

Alter_Ego wrote: »

You are free to choose any or all of the last 4 years for the tax return. For example, if you paid 20,000 tax in 2015 and looking for 18,000 refund, you just need to complete tax return for 2015.

I thought they had stated that you must be tax compliant for the four years (even if all your tax is coming from one year), hence you had to get 4 of the P12 forms as this was their standard, even though for most of us this is no different than the info on our P21s.

tomfoolery60

CramCycle wrote: »

I thought they had stated that you must be tax compliant for the four years (even if all your tax is coming from one year), hence you had to get 4 of the P12 forms as this was their standard, even though for most of us this is no different than the info on our P21s.

This was my understanding as well, it would make sense for you to have to declare your compliance and incomes (so they can hang you afterwards if you are lying!)

Eireann81

CramCycle wrote: »

I thought they had stated that you must be tax compliant for the four years (even if all your tax is coming from one year), hence you had to get 4 of the P12 forms as this was their standard, even though for most of us this is no different than the info on our P21s.

From revenue.ie:
if you are a PAYE taxpayer, you will need to complete Forms 12 (if you have not already done so) for the tax years you select for refund.