Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The Government amendments relate to section 20, which provides for relief from appropriate tax, in this case DIRT, paid on interest earned on deposits by first time buyers of residential property. The amendments in the name of the Minister extend the relief to self-build properties built by first time purchasers and ensure that where a property is purchased or built jointly by several persons, that in order to qualify for the relief each person must be a first time purchaser.

Amendment No. 44 inserts a new definition of "completion value" to provide for a value in relation to a self built property. Amendment No. 45 changes the definition of "first-time purchaser" to include a relevant completion date and this also brings self-builds within the definition of first-time purchaser.

Amendment No. 46 substitutes "dwellinghouse or apartment" with "dwelling". Amendment No. 47 inserts a new definition of "relevant completion" to allow for the self-build category of property. This definition requires the completion of the construction of a new house to a standard where it is suitable for immediate occupation as a dwelling. The completion must be on or after 14 October 2014 and on or before 31 December 2017. The property on which the house is built must be conveyed or transferred in the name of the first time purchaser prior to 31 December 2017. There is no requirement for the registration to take place after 14 October 2014. This section will allow for the building of property on land which is already owned by the first time purchaser.

Amendment No. 48 extends the definition of "relevant purchase" to provide for both individual and joint purchasers and ensures that in the latter category each joint purchaser must be a first time buyer. The amendment also extends the definition of "relevant savings" to include deposits amounting to not more than 20% of the value of a newly completed self-build property. In addition the amendment extends the definition of "relevant savings interest" to include interest earned in the period of 48 months prior to a relevant completion in addition to a relevant purchase. Effectively, this is to bring the self-builds into the category and to provide some clarity in that regard.