First-Time Buyers

Are you planning on buying or building a house before the end of 2017? The necessity to save up to 20% for a deposit on your new home may be challenging. Revenue have announced details of a measure to provide assistance in the form of tax relief on your deposit interest.

The relief is outlined in Section 266A of the Taxes Consolidation Act 1997 and provides for refunds of Deposit Interest Retention Tax (DIRT) for first-time buyers who purchase a house or apartment to live in as their home. It also applies to first time buyers who self-build a home to live in.

Who is entitled to claim?

A first-time buyer of a house or apartment who purchases or self-builds a property between 14 October 2014 and 31 December 2017 may be entitled to claim a refund of DIRT. The first-time buyer must not have either individually or jointly with any other person, previously purchased or built a house or apartment. The property must have been purchased or built as the first-time buyer’s home. It does not include properties acquired for investment purposes.

For more info, check out the link to Revenue.ie