A new regime to assist first time buyers purchase or self-build a home was announced on Budget day. The incentive provides a refund of income tax and deposit interest retention tax (DIRT) paid in the four years prior to purchase.
Applications for refunds are to be made via an online portal hosted by Revenue. The portal is now available here.
Taxpayers will need to bring their tax affairs up to date to make a refund application. For example, PAYE taxpayers will need to submit a Form 12 (where they have not already done so) for each of the tax years to which the refunds relate. Self-employed taxpayers will need to ensure they have filed their income tax returns for the four years prior to the year they lodge a claim for a refund.
Contact Brian Dignam Director OSK for further advice on the Help to Buy scheme or in relation to OSK’s tax and accounting services.
A video message from Tadgh O'Sullivan, Director.
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