Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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449.To ask the Minister for Finance the estimated full-year cost of abolishing the help-to-buy scheme; and if he will make a statement on the matter. [33737/24]

Jack Chambers (Dublin West, Fianna Fail)
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The Help to Buy (HTB) incentive is a scheme to assist first-time purchasers with a 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 (DIRT) 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 HTB scheme.

I am advised by Revenue that the total value of claims approved for 2023 was €185 million.

Bearing in mind that HTB is a demand-led scheme which is subject to a broad range of variables, including housing completion rates and prices, it is not possible to provide a reliable estimate of the savings that would arise from abolition of the scheme. However, although it does not take account of any potential changes in taxpayer behaviour, the above latest cost can be assumed to be broadly indicative of the annual saving if the HTB scheme was abolished.

At present, HTB is subject to a sunset clause with an associated date of 31 December 2025.