Taxes Consolidation Act 1997 section 266A

Repayments of appropriate tax to first-time purchasers

Section 266A provides for refunds of deposit interest retention tax (DIRT) to first-time purchasers of residential property, including those who self-build.

• First-time purchasers could claim a refund of DIRT deducted from interest earned on savings used towards purchasing or building their first home, with the scheme applying to purchases or completions between 14 October 2014 and 31 December 2017.
• The refund was limited to DIRT paid on savings up to a maximum of 20% of the purchase price (or completion value for self-builds), with only interest earned in the 48 months prior to the purchase or completion date qualifying.
• For purchased properties, the conveyance had to be into the name of the first-time purchaser for use as their residence; for self-builds, the dwelling had to be completed to a standard suitable for immediate occupation.
• A person who received an appropriated payment under the Help to Buy scheme (section 477C) could not also claim DIRT relief under this section for the same dwelling.