Michael McGrath (Cork South Central, Fianna Fail)
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91. To ask the Minister for Finance the projected number of first-time buyers he expects to benefit from the deposit interest retention tax refund scheme in 2016 and 2017; and if he will make a statement on the matter. [38771/15]

Michael Noonan (Limerick City, Fine Gael)
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This scheme provides that first-time buyers who purchase or self-build a residential property between 14 October 2014 and 31 December 2017 may be entitled to claim a refund of DIRT which was deducted from interest earned on savings used for the purchase of the property in the 48 months prior to the purchase date or completion date if a self-build. 

The relief is confined to DIRT paid on savings up to a maximum of 20% of the purchase price, or in the case of self-builds, 20% of the completion value of the property and the property must be used by the first time buyers as their home.

Initial projections indicated that approximately 30,000 first time buyers could be eligible to benefit over the duration of the scheme.

While current rates of take up are low, with 118 applications received so far, it must be borne in mind that participants who are currently eligible have until at least the end of 2017 to make applications under the scheme, as the relief applies on the conveyance of properties to eligible first time buyers between 14 October 2014 and 31 December 2017.

Applications for the DIRT relief are made via the Revenue Local Property Tax (LPT) system.  Applications are expected to increase as eligible first time buyers register for LPT.