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Purchasers of a new build after 1 January 2017 whom qualify for the Help to Buy Incentive (as introduced by Section 477C Taxes Consolidation Act 1997) will have their tax refund under this scheme paid to a ‘qualifying contractor’ as part of the deposit on the property. Consequently it is essential that developers/contractors wishing to facilitate this scheme for first time buyers must register asa ‘Qualifying Contractor’ under the Help to Buy Process.
The contractor does this by submitting a completed HTB1 Form through MyEnquiries in ROS, as Help to Buy Scheme – Contractor Approval. Contractors should click Add New Enquiry, and select “Help-To-Buy Scheme” and “Contractor Approval” from the dropdown options available under “My Enquiry Relates To” and “And More Specifically”.
Contractors should attach the necessary information and supporting documentation namely:
- evidence of tax compliance; which means that a contractor has a Relevant Contracts Tax rate of zero or 20%
- the contractor’s VAT registration details
- evidence of an up-to-date tax clearance certificate
- details of qualifying residences which the contractor offers, or proposes to offer, for sale within the period that the incentive is available
- details of the planning permission(s) under the Planning and Development Acts 2000 to 2015 in respect of the qualifying residences which the contractor proposes to construct within the period that the incentive is available
- details of the freehold, leasehold estate or interest in the land on which the qualifying residences are constructed or to be constructed, and
- any other relevant information that may be required by Revenue for the purposes of assessing an application as a qualifying contractor
As part of their application for approval, contractors should confirm their agreement to Revenue publishing their summary details as qualifying contractors.
A list of registered Developers/Contractors is contained on the Revenue website to assist purchasers.
