The Help to Buy Incentive is a scheme introduced by Revenue in 2016 and is designed to assist First Time Buyers of new properties or those that Self-Build properties, in getting together the required deposit. The scheme works as a refund of Income Tax and DIRT (Deposit Interest Retention Tax) paid over the previous 4 years. USC and PRSI contributions are not taken into account. The scheme provides for a maximum refund of €20,000 or 5% of the purchase price/ value of the property whichever is the lessor amount.
For properties purchased / built after January 2017 the maximum valuation allowed on properties is €500,000. If your property is worth more than €500,000 you will not qualify for a rebate under the scheme. An extension to the Help to Buy was recently announced and the scheme has now been extended up to December 2021.