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

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Comments

  • #3002
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Billythekid19 wrote: »
    Unfortunately if you have already paid deposit the developer will have already claimed the 5 per cent.

    Where have the details been published detailing how this type of case will be handled?


  • #3003
    8-10
    Registered Users Posts: 13,291 ✭✭✭✭8-10


    Help to Buy application still says max relief is 20,000 before you submit it.... :confused:

    Is there legislation needed before this takes effect or is it just Revenue been caught on the hop and not updated yet (which is fair as there's been barely any working hours since it was announced)


  • #3004
    cove33
    Registered Users Posts: 5 ✭cove33


    Billythekid19 wrote: »
    Unfortunately if you have already paid deposit the developer will have already claimed the 5 per cent. It gives a bit of confidence to new buyers at least but will essentially push demand higher meaning higher prices.

    Claim is still pending on Revenue so I assume developer hasn't claimed it yet. We only submitted the claim last week. Open to correction on this but I was under the impression that developers don't claim HTB until nearer drawdown and we're still 3/4 months away from that.


  • #3005
    8-10
    Registered Users Posts: 13,291 ✭✭✭✭8-10


    cove33 wrote: »
    Claim is still pending on Revenue so I assume developer hasn't claimed it yet. We only submitted the claim last week. Open to correction on this but I was under the impression that developers don't claim HTB until nearer drawdown and we're still 3/4 months away from that.

    No it's part of the deposit so needs to be paid within x days of the contract becoming binding....AFAIK, might differ per contract


  • #3006
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Just called Revenue to be told they have absolutely zero information about the adjustment for the HTB as nobody in the team have been informed.


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  • #3007
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Duke of Url wrote: »
    Just called Revenue to be told they have absolutely zero information about the adjustment for the HTB as nobody in the team have been informed.
    That's not surprising seeing as it was only announced yesterday evening. It'll take time to bring details up to date.


  • #3008
    Paremon
    Registered Users Posts: 84 ✭✭Paremon


    Revenue call centre staff member advised this am that:

    Revenue staff haven't received any information on the amendment, it's start/effective date or the eligibility or process for those who have applied & claimed already.

    They don't know when they will receive more info.
    Sending an enquiry via myaccount is best. As soon as more info is known it'll be replied to.

    Revenue.ie is the best place to get updates & as soon as the info is available the site will be updated. That would likely be within the next 7 to 10 days.

    He 'believed' the start date will be 1st Sept (as that is the start date for many other measures in the July stimulus package) but couldn't confirm yet

    He 'presumed' those who have claimed already wouldn't be eligible but couldn't confirm yet.


  • #3009
    ClaptonBay
    Registered Users Posts: 186 ✭✭ClaptonBay


    Paremon wrote: »
    Revenue call centre staff member advised this am that:

    Revenue staff haven't received any information on the amendment, it's start/effective date or the eligibility or process for those who have applied & claimed already.

    They don't know when they will receive more info.
    Sending an enquiry via myaccount is best. As soon as more info is known it'll be replied to.

    Revenue.ie is the best place to get updates & as soon as the info is available the site will be updated. That would likely be within the next 7 to 10 days.

    He 'believed' the start date will be 1st Sept (as that is the start date for many other measures in the July stimulus package) but couldn't confirm yet

    He 'presumed' those who have claimed already wouldn't be eligible but couldn't confirm yet.


    1st September doesn't seem to make much sense. You would expect then that no new houses will be sold between now and 1st September as people who can avail of it will hold off? @askpaul on his instagram account said he had confirmation yesterday that if you have already applied for the HTB you can now reapply for the increased amount. The question really is from what date it is effective from. I would assume, if your contract has been signed before this effective date, then you wont be entitled to claim the higher amount as you were already in the process of buying and were able to afford it.

    Some clarity would be useful. 7 to 10 days is a long time for anyone due to sign over this time period.


  • #3010
    Rock77
    Closed Accounts Posts: 1,123 ✭✭✭Rock77


    Tipsy McSwagger wrote: »
    I claimed 5% back in December so have missed out. Good luck to everyone claiming the 10% and probably the full deposit. That extra 10k or more saved will stop a lot of the stress buying your first house.

    You may not have missed out, that was just my opinion.. keep an eye on this.


  • #3011
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    ClaptonBay wrote: »
    1st September doesn't seem to make much sense. You would expect then that no new houses will be sold between now and 1st September as people who can avail of it will hold off?

    Can't the developers just hold-off claiming until after whatever date is announced with everything else proceeding as normal.


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  • #3012
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Graham wrote: »
    Can't the developers just hold-off claiming until after whatever date is announced with everything else proceeding as normal.

    We have this from Tuesday 21/07/2020

    Help To Buy Claim
    Your Help To Buy Claim has been verified by your solicitor or building contractor. Your HTB refund will issue in approximately 5 working days.

    I have a feeling that even if it was the upcoming Monday, I would be too late


  • #3013
    ClaptonBay
    Registered Users Posts: 186 ✭✭ClaptonBay


    Graham wrote: »
    Can't the developers just hold-off claiming until after whatever date is announced with everything else proceeding as normal.

    Why would they hold off? It only benefits the buyer. The developer is still going to get the asking price...

    As far as i understand it in its current form, its applies based on the date the contract was signed. So if the contract is signed before 1st September you wont be entitled to claim the higher amount regardless of when the developer puts in a claim for the HTP portion of the sale.

    I havent been through the process so dont know the technicalities of it.


  • #3014
    CuriousKarl
    Registered Users Posts: 28 ✭CuriousKarl


    With regards to amount eligible to claim, on the subject of "the amount of income tax you have paid in the four years before your purchase" - does anybody know if this includes year to date? last year I paid over €20k in tax so I am aware that I am eligible for the full 20 on HTB but it is the previous three years that potentially don't amount to a further €10k.
    If it were to include year to date then I should be eligible, so hoping somebody can clarify?


  • #3015
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    CuriousKarl wrote: »
    With regards to amount eligible to claim, on the subject of "the amount of income tax you have paid in the four years before your purchase" - does anybody know if this includes year to date? last year I paid over €20k in tax so I am aware that I am eligible for the full 20 on HTB but it is the previous three years that potentially don't amount to a further €10k.
    If it were to include year to date then I should be eligible, so hoping somebody can clarify?

    Year to date is not eligible unfortunately.


  • #3016
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    ClaptonBay wrote: »
    Why would they hold off? It only benefits the buyer. The developer is still going to get the asking price...

    To close the sale.

    It's likely to be an academic question. Those that are about to pull the trigger on a new home aren't likely to be ready for HTB claim to be paid out before September anyway.


  • #3017
    Paremon
    Registered Users Posts: 84 ✭✭Paremon


    ClaptonBay wrote: »
    @askpaul on his instagram account said he had confirmation yesterday that if you have already applied for the HTB you can now reapply for the increased amount.

    Thanks. Whereabouts on the @askpaul_now Instagram account can you see this? His last post seems to be 2 days ago.


  • #3018
    ClaptonBay
    Registered Users Posts: 186 ✭✭ClaptonBay


    Paremon wrote: »
    Thanks. Whereabouts on the @askpaul_now Instagram account can you see this? His last post seems to be 2 days ago.

    its on his story.


  • #3019
    #014917
    Registered Users Posts: 34 ✭#014917


    See https://www.instagram.com/stories/askpaul_now/2359882868066225347/?hl=en specifically, took me a min to find it

    Screencap: https://imgur.com/a/UKbCPzt


  • #3020
    islander35
    Registered Users Posts: 98 ✭✭islander35


    #014917 wrote: »
    See https://www.instagram.com/stories/askpaul_now/2359882868066225347/?hl=en specifically, took me a min to find it

    Screencap: https://imgur.com/a/UKbCPzt

    The new values take effect today and expire on 31st Dec 2020


  • #3021
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    islander35 wrote: »
    The new values take effect today and expire on 31st Dec 2020

    Where did you see that info? I haven't been able to find anything specific yet.


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  • #3022
    #014917
    Registered Users Posts: 34 ✭#014917


    This was just published in the last few hours - the first official writing I've seen on it.

    Enhancement of the help-to-buy scheme for the remainder of 2020 ( €18m)

    - The level of support available to first time buyers will be increased to the lesser of €30,000 (up from €20,000) or 10 per cent (up from 5 per cent) of the purchase price of the new home/self-build property.

    - The enhancement to the scheme is intended to stimulate demand from first time buyers for new houses in the housing market, to encourage house completions and to assist first time buyers in accumulating a deposit for a new home.

    - The change will be effective immediately and will apply to applicants who sign a contract for the purchase of a new house or who have yet to make the first draw down of the mortgage in the case of a self-build. It will expire on 31 December 2020. All other parameters of the scheme will remain the same.

    https://www.gov.ie/en/press-release/946d8-minister-donohoe-announces-details-of-tax-measures-contained-in-the-july-stimulus-plan/


  • #3023
    Paremon
    Registered Users Posts: 84 ✭✭Paremon


    #014917 wrote: »
    This was just published in the last few hours - the first official writing I've seen on it.



    https://www.gov.ie/en/press-release/946d8-minister-donohoe-announces-details-of-tax-measures-contained-in-the-july-stimulus-plan/

    Revenue Paye staff say it's not immediately effective & that the bill still needs to be passed in the Dail next week before Revenue then get details of how it will work. Revenue are not taking any HTB related calls & are on script to advise all HTB related asks must go via My Enquiries.


  • #3024
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    I spoke to a lady in Revenue this morning who says as far as she was aware it is effective immediately but wasnt 100% sure and said they are still waiting for details. Mixed messages but cant see why it wouldn't be effective immediately. Or at least from 1st August especially if it is ending in December.


  • #3025
    vinay
    Registered Users Posts: 8 ✭vinay


    Tweet from Steven McKenna @SherryFitzCEO confirming its effective immediately


  • #3026
    ClaptonBay
    Registered Users Posts: 186 ✭✭ClaptonBay


    vinay wrote: »
    Tweet from Steven McKenna @SherryFitzCEO confirming its effective immediately

    Seems to be just repeating what was published on the Governments website as posted by #014917 rather than getting any further confirmation directly. But it seems pretty clear it is effective immediately and the revenue paye staff as mentioned are incorrect stating its not immediate. Good news for anyone yet to sign..


  • #3027
    8-10
    Registered Users Posts: 13,291 ✭✭✭✭8-10


    vinay wrote: »
    Tweet from Steven McKenna @SherryFitzCEO confirming its effective immediately

    I go to do an application online though and it states:
    Potential maximum relief

    €20,000.00

    and
    Your actual relief will be no greater than 5% of the purchase or approved value of the qualifying residence

    ...right before you submit the application.

    I'm thinking I should just apply anyway and see what relief gets approved


  • #3028
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    8-10 wrote: »
    I go to do an application online though and it states:



    and



    ...right before you submit the application.

    I'm thinking I should just apply anyway and see what relief gets approved

    It seems neither the website or the staff in Revenue have been updated yet! It's quite clear from Gov.ie its effective immediately but as one poster said maybe it has to be officially passed in the Dail to reflect on Revenue.


  • #3029
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Graham wrote: »
    Where did you see that info? I haven't been able to find anything specific yet.

    Enhancement of the help-to-buy scheme for the remainder of 2020 ( €18m)

    The level of support available to first time buyers will be increased to the lesser of €30,000 (up from €20,000) or 10 per cent (up from 5 per cent) of the purchase price of the new home/self-build property.

    The enhancement to the scheme is intended to stimulate demand from first time buyers for new houses in the housing market, to encourage house completions and to assist first time buyers in accumulating a deposit for a new home.

    The change will be effective immediately and will apply to applicants who sign a contract for the purchase of a new house or who have yet to make the first draw down of the mortgage in the case of a self-build. It will expire on 31 December 2020. All other parameters of the scheme will remain the same.

    :)


  • #3030
    vinay
    Registered Users Posts: 8 ✭vinay


    I did apply for it today and it says "Application is pending review"


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  • #3031
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Department of Finance says its effective immediately - Revenue saying its not.

    What a mess.


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