Éamon Ó Cuív (Galway West, Fianna Fail)
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55. To ask the Minister for Finance if he intends extending the help-to-buy scheme; if so, when he intends announcing same in order to let intending houses purchasers aware; and if he will make a statement on the matter. [30330/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Help to Buy incentive is a scheme to assist first-time purchasers with the deposit they need to buy or build a new house or apartment. The incentive gives a refund on Income Tax and Deposit Interest Retention Tax paid in the State over the previous four years, subject to limits outlined in the legislation. Section 477C Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme.

In my Budget 2022 address I announced that a formal review of the scheme will take place this year. The contract for this review has been awarded to Mazars following a competitive tender process.

The terms of reference for the review are as follows:

"To examine all aspects of the Help-to-Buy scheme (section 477C of the Taxes Consolidation Act 1997) including its design, its operation, the extent to which it has met its key policy aims of assisting first-time buyers of new homes to fund their deposit and encouraging the building of additional new properties.

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, including on the question of any transitioning.

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."

The future of the Help to Buy scheme beyond its current sunset date of 31 December 2022 is a matter that will fall to be considered by Government in the light of the findings of the above review and in the context of the Budget 2023 process. As such, it would not be appropriate for me to comment further at this point.