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Help to Buy Scheme Benefit: Will not be available for new houses, says finance minister

Dublin: Finance Minister Michael McGrath has clarified that the proposal put forth by both Fine Gael and Fianna Fáil, within the governing party, to extend the Help to Buy scheme to second-hand home buyers, with a tax relief cap of up to €30,000, cannot be implemented. McGrath emphasised that the primary objective of the scheme remains to encourage developers to increase new housing construction.

Under the existing Help to Buy scheme, first-time homebuyers have the opportunity to claim a tax refund of up to 10% of their home’s value or a maximum of €30,000, whichever is lower. This initiative is designed to facilitate their ability to accumulate funds for the purchase of a house, apartment, or self-construction. Notably, the scheme has been extended for an additional two years as part of the 2024 budget, with eligibility limited to new properties or self-built homes.

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