Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Deputy for raising this issue. As she has said, she has consistently raised this matter with the Minister for Finance. The help-to-buy incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new home or apartment. The Deputy knows this but I am saying it for those listening. There are many different schemes so I wanted to put on record which one we are talking about. The incentive gives a refund of income tax and deposit interest retention tax paid to the State over the previous four years, subject to limits outlined in the legislation. The Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme. As the Deputy will be aware, as part of budget 2022, the Minister for Finance announced that a formal review of the scheme will take place this year. The contract for the review has been awarded to Mazars following a competitive tender process. That is new information that we did not have the last time we spoke. This selection from a number of bidders was made in accordance with the relevant public sector procurement guidelines for procurements costing in the range of €25,000 to €144,000. The most economically advantageous tender was selected, which was from Mazars. I am informed that work on the review is under way and in keeping with the terms of reference provided in the request for tenders. The terms of reference are as follows:

To examine all aspects of the Help-to-Buy scheme [...]

In doing so, the review should explore the cost effectiveness of the scheme to-date, including the issue of deadweight. It should also examine the impact of the scheme on house prices since inception.

The findings should present an assessment on a national basis while highlighting any regional aspects.

Having regard to the Government’s Housing for All strategy, and in particular to other initiatives included in Housing for All that have the same broad policy objectives as currently apply for the scheme, to examine whether there is a continued role for Help-to-Buy and, if so, to present options on how such role might best be fulfilled in the most efficient and cost-effective manner in the medium to long term [...]

As part of the overall context, the review should draw on experience internationally and offer views in this regard as appropriate.

The study should be completed by c.o.b. Friday, 24 June 2022.

Since we last spoke, Mazars has been appointed. There is a deadline. As soon as the report is provided, the Minister will be able to consider it with a view to publication in due course. That is the timeline.

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