Francis Noel Duffy (Dublin South West, Green Party)
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195. To ask the Minister for Finance to consider an increase to the property price threshold under the help-to-buy scheme. [41245/24]

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 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 of the Taxes Consolidation Act 1997 outlines the definitions and conditions that apply to the scheme.

An increase in the supply of new housing remains a priority aim of Government policy. HTB is specifically designed to encourage an increase in demand for new build homes in order to support the construction of an additional supply of such properties. For a property to qualify for HTB, it must be new or converted for use as a dwelling, having not been previously been used as a dwelling. Additionally, the purchase value/approved valuation of the property must not exceed €500,000.

An independent review of the scheme was carried out in 2022. While this review included a number of recommended amendments to the scheme, it did not recommend an increase to the €500,000 house price limit.

It remains the case that, as with any tax expenditure, HTB will be kept under regular review. However, there are currently no plans to extend the scheme to properties valued at over €500,000.