First Time Buyer DIRT Refund

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First Time Buyer DIRT Refund

Are you a first time buyer (or builder) of a home or apartment in which you will live in Ireland? Have you purchased (or completed) it since 14 October 2014 (and before 31 December 2017)? Have you never previously purchased or built a residential property?

You should check to ensure that you qualify for the Deposit Interest Retention Tax (DIRT) refund.

Refund

The refund is on DIRT paid on savings up to 48 months prior to the purchase date (or build completion date) that are used to purchase or build the residential property.

There is a cap on the refund of 20% of the purchase or build price.

DIRT Refund

The Revenue Commissioners have published guidance notes on the DIRT refund. The refund may be available if you purchase a qualifying residential property during the period from 14 October 2014 to 31 December 2017 having never previously purchased or built a residential property.

The refund is not available for investment properties.

To claim the relief the property must firstly be registered for local property tax (LPT) and then you can claim the DIRT refund using the LPT system.

The right to claim the refund only arises on the completion of the conveyance of the residential property into the name of the first buyer during the qualifying time period.

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Disclaimer

The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.

No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article

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