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

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Comments

  • Registered Users Posts: 196 ✭✭dragon5678


    Hi All
    The Revenue mention the extension here on page 17: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-15/15-01-46.pdf

    Applications made between 1 October and 31 December in the tax years 2017, 2018 or 2019 

    Where an application is made to Revenue for HTB between 1 October and 31 December in any of the tax years 2017, 2018 or 2019, there is some flexibility around the timeframe for making the corresponding claim. Where an application is made during this period, Revenue will indicate to the first-time buyer (through the online system) the maximum amount of HTB available. If, for example, a contract to purchase a property is entered into, or in the case of a self-build the first tranche of the qualifying loan is drawn down in the period 1 January to 31 March immediately after the making of the application and the individual makes a claim for HTB on or before the said 31 March, the claim will be deemed to be made in the prior year and a new application will not be necessary.

    Example 26
    In November 2017, Seán views a new house which he hopes to buy. He makes an application to Revenue for HTB at that time. Revenue advise Séan that the maximum HTB available to him is €13,000. He decides to go ahead and purchase the property. He enters into a contract with the builder in February 2018 and then on 10 March 2018 he makes a claim to Revenue. As he made a claim before 31 March 2018, his claim will be deemed to have been made in the year 2017. In this scenario, Seán will not have to start the HTB process again by submitting a new application in 2018. The relevant years for calculating the amount of the HTB payment due to Sean are 2013 to 2016, i.e. the four years immediately preceding his application in 2017. 

    Example 27
    In October 2017, Ann views a new house which she hopes to buy. She makes an application to Revenue for HTB at that time. Revenue advise Ann that the maximum HTB available to her is €15,000. She decides to go ahead and purchase the property. Ann doesn’t sign the contract with the builder until 4 April 2018 and then makes a claim to Revenue. As she did not enter into a contract and make a claim on or before 31 March 2018, Ann’s original application, which she made in October 2017, is no longer valid. She will have to start the process again by submitting a new application, followed by a claim, for HTB.


  • Banned (with Prison Access) Posts: 670 ✭✭✭sightband


    Is anyone who has submitted a claim in the last two weeks still waiting for any kind of response? other than the 'claim pending' on the site.

    I've read here before its been no more than a few days for them, what is the average time from claim time to payment?


  • Registered Users Posts: 38 *FireCracker*


    Thanks for posting.


  • Registered Users Posts: 38 *FireCracker*


    Thanks for posting.


  • Registered Users Posts: 250 ✭✭fguinan


    sightband wrote: »
    Is anyone who has submitted a claim in the last two weeks still waiting for any kind of response? other than the 'claim pending' on the site.

    I've read here before its been no more than a few days for them, what is the average time from claim time to payment?

    Once you submit a claim the builder has to verify it before payment


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  • Registered Users Posts: 706 ✭✭✭manniot2


    Thanks for this. I applied in late September but got my approval from revenue in early October. I wonder will I get until 31 March 18 to drawdown? Hard to tell from the examples above and can’t get an answer off revenue.


  • Registered Users Posts: 38 *FireCracker*


    Just got mine approved with an expiry of 31/03/2018. Great!

    ...it's for less than I was expecting.

    I had summed the "Taxes Deducted" figure from the PAYE section of each of the 4 P21s for previous years to get an idea of what to expect. Was I incorrect with this? This figure exceeds 20K for me...


  • Registered Users Posts: 3,975 ✭✭✭68 lost souls


    Just got mine approved with an expiry of 31/03/2018. Great!

    ...it's for less than I was expecting.

    I had summed the "Taxes Deducted" figure from the PAYE section of each of the 4 P21s for previous years to get an idea of what to expect. Was I incorrect with this? This figure exceeds 20K for me...

    well 20K is the limit. Taxes deducted may include USC as well as PAYE and it is only PAYE that is refunded.


  • Registered Users Posts: 38 *FireCracker*


    well 20K is the limit. Taxes deducted may include USC as well as PAYE and it is only PAYE that is refunded.
    USC is in a different section on the P21.

    I've paid more than 20K PAYE over the 4 years, so I expected to be at the cap for the HTB.

    Perhaps I'm reading the P21 wrong, will double check.


  • Registered Users Posts: 38 *FireCracker*


    USC is in a different section on the P21.

    I've paid more than 20K PAYE over the 4 years, so I expected to be at the cap for the HTB.

    Perhaps I'm reading the P21 wrong, will double check.
    Have this figured out.

    It's where I received previous refunds for the retrospective addition of a tax credit.

    "Taxes Deducted" is tax collected at source, it's not inclusive of any refunds received post end of that tax year.

    If I re-apply in 2018 I'll be back over the threshold.


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  • Registered Users Posts: 468 ✭✭w/s/p/c/


    sightband wrote: »
    Is anyone who has submitted a claim in the last two weeks still waiting for any kind of response? other than the 'claim pending' on the site.

    I've read here before its been no more than a few days for them, what is the average time from claim time to payment?
    I have done it recently and followed up straight away with the revenue by phone to ensure that my claim was being looked at.  I would suggest you should do the same as from dealing with the revenue during this process harassing them by phone is the only way to get things moving. 

    It was about 1-2 days later that we received confirmation from the revenue that all was good with the claim.  We passed the info onto the builders who verified the claim and they received the cash within the week.  Best of luck with it!


  • Closed Accounts Posts: 3,502 ✭✭✭ Cayden Red Sender


    Just closed on our sale, help to buy was a doddle thankfully.

    Has anyone successfully claimed both the HTB and the DIRT relief for FTB's? Or is this not possible as HTB is a rebate of both income and DIRT. Have read the section 10 times on the revenue site but I can't make heads or tails of it.

    Thanks


  • Registered Users Posts: 56 ✭✭CoconutSky


    Does anyone know if you can apply for 2017’s P60 before end of the year. I want to use 2017 as one of my tax years for the help to buy scheme as with including it, it’ll be worth an extra €4,000 to me. At the moment as it is I’m only entitled to €5,000.


  • Registered Users Posts: 198 ✭✭badbeatcentral


    Hi guys,

    Like many i'm trying to get my HTB in before the end of the year to avoid having to do another application.

    I've read the thread and some people have said they've had the HTB approved when they uploaded contracts only signed by themselves (the buyer), my solicitor has said i need to wait til the contract is countersigned by the developer.

    Is there any clarity from Revenue on this that people are aware of?


  • Registered Users Posts: 38 *FireCracker*


    CoconutSky wrote: »
    Does anyone know if you can apply for 2017’s P60 before end of the year. I want to use 2017 as one of my tax years for the help to buy scheme as with including it, it’ll be worth an extra €4,000 to me. At the moment as it is I’m only entitled to €5,000.
    It's your employer who should be providing you with your P60, not Revenue.

    They have 6 weeks from 01/01/2018 to give it to you.


  • Registered Users Posts: 56 ✭✭CoconutSky


    Yeah I know my employer is responsible for issuing my P60. I’m wondering if anyone has heard of someone getting their P60 before end of year?


  • Administrators Posts: 53,127 Admin ✭✭✭✭✭awec


    CoconutSky wrote: »
    Yeah I know my employer is responsible for issuing my P60. I’m wondering if anyone has heard of someone getting their P60 before end of year?

    p60 is a certificate to show what you've paid for the tax year. You obviously aren't going to get one that doesn't cover the entire tax year. :)

    Before you can use 2017s taxes, you need:

    1. The 2017 tax year to actually end
    2. Your employer to provide your P60 for 2017
    3. Fill in the Form12 if needed.
    4. Request a Form 21 (end of year statement) from Revenue.


  • Registered Users Posts: 56 ✭✭CoconutSky


    I got paid December’s pay today and won’t be paid again until end of January so there won’t be any further taxes etc but I guess I’ll still have to wait until January. I’ve asked my employer if I could be prioritized when issuing the p60s next month,


  • Registered Users Posts: 5,245 ✭✭✭myshirt


    CoconutSky wrote: »
    I got paid December’s pay today and won’t be paid again until end of January so there won’t be any further taxes etc but I guess I’ll still have to wait until January. I’ve asked my employer if I could be prioritized when issuing the p60s next month,


    They will have to put in their P35 first, so you mightn't get what you need until February.


  • Registered Users Posts: 589 ✭✭✭MSVforever


    myshirt wrote: »
    They will have to put in their P35 first, so you mightn't get what you need until February.

    That's highly likely. It depends on how fast their payroll department is with year end.


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  • Registered Users Posts: 1 nsligo


    Hi all

    I applied for and received approval for help to buy scheme last year however have only found a home to buy this week. my help to buy offer expires on 31 12.

    does anyone know if you can reapply if you have not used this. I assume you can but haven't found this in writing yet or received a reply from revenue yet.

    anyone with any insights I would appreciate

    thank you


  • Banned (with Prison Access) Posts: 670 ✭✭✭sightband


    Similar to above but we have actually submitted contracts and bank offer and revenue tells us they are good to go and transfer to developer when they claim, only problem is 3weeks later with numerous calls to agent acting for developer and our solicitor calling their solicitor asking them to claim and they still haven’t...any idea what happens when expiry kicks in on 31/12/17, in reality it will be this Friday when offices close.


  • Registered Users Posts: 1,037 ✭✭✭conf101


    Hi guys,

    Like many i'm trying to get my HTB in before the end of the year to avoid having to do another application.

    I've read the thread and some people have said they've had the HTB approved when they uploaded contracts only signed by themselves (the buyer), my solicitor has said i need to wait til the contract is countersigned by the developer.

    Is there any clarity from Revenue on this that people are aware of?

    I read that on here and had planned to do it because the builder's solicitor was taking ages to return the contracts. I rang Revenue before doing it and the woman I spoke to said I couldn't do that. She said it wouldn't be a valid contract until it's signed by both parties. Thankfully the contracts were returned a few days later so it ended up not being an issue for me.

    I will say that the woman I spoke to didn't really sound 100% certain herself. Her words were something like "No I wouldn't think that would do..." or something along those lines. I reckon even within Revenue there's not a lot of clarity on the situation.

    Might be worth a call to Revenue yourself.


  • Closed Accounts Posts: 3,502 ✭✭✭ Cayden Red Sender


    sightband wrote: »
    Similar to above but we have actually submitted contracts and bank offer and revenue tells us they are good to go and transfer to developer when they claim, only problem is 3weeks later with numerous calls to agent acting for developer and our solicitor calling their solicitor asking them to claim and they still haven’t...any idea what happens when expiry kicks in on 31/12/17, in reality it will be this Friday when offices close.

    Might be worth contacting the developer directly, had to do that ourselves. They claimed within days.


  • Registered Users Posts: 119 ✭✭andybookie


    What if a person has bought and sold already but in the UK. Now settled in Ireland and wanting to purchase with my wife who is a FTB. Am I classed as a FTB in Ireland as I have never purchased in the state?


  • Registered Users Posts: 74 ✭✭Jeffy17




  • Registered Users Posts: 119 ✭✭andybookie


    What specific section are you referring to. 3.1? I'd imagine this is referring to within the state of Ireland.
    I have been told previously by a financial advisor that no finances from the UK are taken into consideration as they are different states and markets and totally unrelated. Ireland can't perform a credit check on the UK for example.


  • Registered Users Posts: 74 ✭✭Jeffy17


    Example 28
    On 1 March 2017, Luke makes an application for HTB and confirms that
    he is a first time buyer. Before he enters into a contract to purchase a
    house, information becomes available to Revenue which indicates that
    Luke previously owned a home abroad. The application Luke made for
    HTB ceases to be valid from the time Revenue confirms the prior home
    ownership by Luke.


  • Registered Users Posts: 119 ✭✭andybookie


    Ah got ya. Sorry must have missed that, thanks.


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  • Registered Users Posts: 1 Knockaun


    Hi guys

    Quick question, I am self building at the moment and applied for the HTB scheme. Revenue rejected the application as our ltv 67% which is a disaster!. Apparently they go by the estimated value on completion which is very subjective. Different valuer’s Can value it differently, just wondering if there is anything that could be done in order to get over the 70%? A real pain if we have to miss out on the basis of 3%. Any help is much appreciated! Thanks guys


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