It was hoped that the Help To Buy Scheme would be extended to include first-time buyers who had bought derelict houses with the intention of rehabiliting them. However, this has not materialised. Nor has the government extended the Help To Buy Scheme to the end of the year, so it will continue to apply only until December 31st, for first time buyers only and up to a tax relief of €30,000. Sinn Fein had previously supported the abolition of the Help To Buy Scheme.
Other proposals that have not been enacted include the phasing out of the Local Property Tax. This remains in place under the existing terms (you can read more about the LPT Scheme here).
A new penalty will be imposed for the owners of vacant land which has been zoned and serviced but not developed. They will have to pay a tax at 3% of the land’s value.
No tax breaks have been inserted to encourage the downsizing of properties so that more houses will be available. This was a very controversial proposal, particularly due to fears that people might feel pressurized to sell larger homes so it’s out of the way for now at least.
If you have any questions about these provisions and how they will affect your plans, fill out the form below and we’ll get back to you.