Taxes Consolidation Act 1997 section 477C

Help to Buy

Section 477C provides for the Help to Buy scheme, which gives first-time buyers a refund of income tax and DIRT paid in the four years before their application, to assist with the deposit on a new home purchased or built between 19 July 2016 and 31 December 2029.

• The refund is capped at the lesser of €30,000 (€20,000 for contracts or first mortgage drawdowns before 23 July 2020), 10% of the purchase price or approved valuation (5% for earlier contracts), or the total income tax and DIRT paid in the four preceding tax years.
• To qualify, the buyer must be a first-time purchaser taking out a qualifying mortgage with a loan-to-value ratio of at least 70% on a new dwelling with a purchase value not exceeding €500,000, which must be occupied as the buyer's sole or main residence.
• The application and claim process is handled online through Revenue in three stages; qualifying contractors verify purchases and solicitors verify self-builds, with payment made directly to the contractor (from 2017 onwards) or to the buyer's mortgage account in the case of self-builds.
• The refund is subject to clawback if the buyer ceases to occupy the property within five years, or if conditions are not met, with the clawback amount tapering from 100% in year one to 20% in year five.