Help to Buy (HTB) incentive - First time buyers

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minnuhaj
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Help to Buy (HTB) incentive - First time buyers

Post by minnuhaj » Thu Oct 29, 2020 10:10 pm

Hi Friends,

I read in Help-to-Buy scheme document that, one must need to be tax compliant for past 4 years.
I have just been paying my taxes from past 2.8 years(Also living in Ireland from past 2.8 years only).

Does any body have any idea, whether I am eligible to avail this scheme or not?

Your response on this is bighly appreciated.

Thanks,
Minhaj

rawat.archna
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Re: Help to Buy (HTB) incentive - First time buyers

Post by rawat.archna » Fri Oct 30, 2020 5:20 pm

minnuhaj wrote:
Thu Oct 29, 2020 10:10 pm
Hi Friends,

I read in Help-to-Buy scheme document that, one must need to be tax compliant for past 4 years.
I have just been paying my taxes from past 2.8 years(Also living in Ireland from past 2.8 years only).

Does any body have any idea, whether I am eligible to avail this scheme or not?

Your response on this is bighly appreciated.

Thanks,
Minhaj
You said the document says that one must pay tax for past 4 years. Then what kind of confirmation do you want from us? If anyone says here that yes with 2.8 years of tax you can get HTB scheme, will you be happy?

minnuhaj
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Re: Help to Buy (HTB) incentive - First time buyers

Post by minnuhaj » Fri Oct 30, 2020 9:07 pm

Thanks for the response.

Sorry for the confusion. Actually I just want to know whether I have understood the criteria correctly or not.
Explanation in the link is not clear for me.

I just wanted to get it confirm if any one knows about it.


Below is the link where the details about the criteria are mentioned.

https://www.citizensinformation.ie/en/h ... ntive.html

balac_m
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Re: Help to Buy (HTB) incentive - First time buyers

Post by balac_m » Fri Oct 30, 2020 9:51 pm

It is a great scheme. You can claim your tax for the last 4 years on this. You cannot avail this scheme now and can only avail this after completing 4 years. As per the current situation, this scheme is only set for the end of 2021 but may be extended like this year. You can apply for it on the Revenue.ie my services.

You should be a first-time buyer and you should live in the house for at least 4 years after buying. You could claim up to 10% of the home cost that up to 30K. You can claim only the tax that you've paid(excluding PRSI & USC) for the 4 years.

For example, if you are getting 50K salary for the past 4 years, you should have paid taxes of 9,640 x 4 = 38560. On that amount, you could get back 30K. You can use it as the 10% deposit for the home.

But, you have to be careful as I've heard that if you are buying the home with HTB assist, the real estate agents artificially hiking the price for the home 10% higher than the actual price. The housing price is way higher than it should be because of the HTB scheme even in this Covid pandemic.

Simplyvikrant
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Re: Help to Buy (HTB) incentive - First time buyers

Post by Simplyvikrant » Sat Oct 31, 2020 3:08 pm

balac_m wrote:
Fri Oct 30, 2020 9:51 pm
It is a great scheme. You can claim your tax for the last 4 years on this. You cannot avail this scheme now and can only avail this after completing 4 years. As per the current situation, this scheme is only set for the end of 2021 but may be extended like this year. You can apply for it on the Revenue.ie my services.

You should be a first-time buyer and you should live in the house for at least 4 years after buying. You could claim up to 10% of the home cost that up to 30K. You can claim only the tax that you've paid(excluding PRSI & USC) for the 4 years.

For example, if you are getting 50K salary for the past 4 years, you should have paid taxes of 9,640 x 4 = 38560. On that amount, you could get back 30K. You can use it as the 10% deposit for the home.

But, you have to be careful as I've heard that if you are buying the home with HTB assist, the real estate agents artificially hiking the price for the home 10% higher than the actual price. The housing price is way higher than it should be because of the HTB scheme even in this Covid pandemic.
usually you are spot on, but just in this instance u may be wrong. One can get HTB incentive but it will be dependent on how much tax have been paid by claimant. In this case 2 years tax can be claime which may or may not be equal to 30k which is max limit

balac_m
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Re: Help to Buy (HTB) incentive - First time buyers

Post by balac_m » Sun Nov 01, 2020 2:09 pm

I got the info from Revenue themselves. They want me to wait until I complete 4 years(tax compliant for at least 4 years)in Ireland. Let me check with them once again and update here

ARndublin
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Re: Help to Buy (HTB) incentive - First time buyers

Post by ARndublin » Mon Nov 02, 2020 9:48 pm

Guess "Simplyvikrant" shared is right...you can opt for this scheme but you can claim only for the tax amount paid by far!

So you might not be eligible for 30k ( depending on how much tax was paid) ! You could apply for HTB scheme on revenue.ie for approval and they would share an approval certificate confirming the max relief amount available for the person applied.

minnuhaj
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Re: Help to Buy (HTB) incentive - First time buyers

Post by minnuhaj » Mon Nov 02, 2020 11:23 pm

Hi Everyone,

I have raised query in revenue.ie and got response for the same.
They are saying we do not need to be tax compliant for 4 years. That's a good news actually. :D

Does anyone have any idea about the process to aplly for HTB scheme? Do we need to first get the mortgage loan confirmation before apllying for this scheme?

Regards,
Minhaj

balac_m
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Re: Help to Buy (HTB) incentive - First time buyers

Post by balac_m » Tue Nov 03, 2020 12:40 pm

That's good news. You can apply for it on the revenue.ie MyAccount section. MyAccount ---> Property Services ---> Help to Buy.

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