The Help to Buy scheme gives financial assistance to first time buyers of newbuild properties.
It operates whereby the buyer is able to claim a refund of income tax and DIRT paid by them in the previous 4 years up to a maximum amount which is the lower of 10% of the property purchase price or €30,000. The buyer must also be availing of a mortgage of at least 70% of the sales price as a condition to availing of the relief.
The buyer must then remain in occupation of the property as their principal residence for 5 years after the purchase to avoid a clawback of the relief.
This scheme in its current form was due to expire on 31 December 2022, however it was confirmed in the Budget 2022 announcement that the scheme would now continue in existence until 31 December 2024.