Fiona O'Loughlin (Kildare South, Fianna Fail)
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48. To ask the Minister for Finance his plans to assist first-time buyers by backdating the help-to-buy scheme to 1 January 2016; and if he will make a statement on the matter. [33090/16]

Michael Noonan (Limerick City, Fine Gael)
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The commencement date for the Help to Buy scheme of 19 July 2016 was chosen as it was the date of the launch of 'Rebuilding Ireland - Action Plan for Housing and Homelessness', in which the development of such a scheme for inclusion in the Budget was initially announced. The intention to backdate this tax incentive to this date was announced at that time with a view to avoiding any potential interruption in house sales, by purchasers who may otherwise have deferred purchases, pending the commencement of the incentive.

There are currently no plans to extend eligibility for the scheme further back than the date of its initial announcement. To do so would consist entirely of deadweight, as individuals who signed contracts to purchase new homes or who drew down the first tranche of their mortgage in respect of a self-build home, in advance of the original announcement did not need the assistance of the State to fund the required deposit. Such individuals made their purchasing decisions on the basis of the information available to them at the time of purchase, and could not have expected a subsequently introduced tax relief to be available to them.

As with all time bound reliefs, there will always be those who just miss out on qualification. I do not intend to extend the parameters of this new measure any further as it would become less targeted and more costly.