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Guidance Note on the First Time Buyers Scheme

Following the declarations made during the Budget Speech 2016 relative to the extension of the scheme for the relief from duty for First Time Buyers (FTB) from the 30th June 2015 to the 31st December 2016, please note that the following guidelines are to be followed.

– Applies to transfers of property, made on or after the 5th November 2013 but before the 1st January 2017, which qualify for relief of duty under article 32(4)(a) of the Duty on Documents and Transfers Act.

– The property must be the first immovable property acquired inter vivos and the notary who receives any deed of such a transfer shall record in the deed a written declaration by the person acquiring the property that this is the first immovable property acquired inter vivos by him and the notary shall warn the said person of the importance of the truthfulness of such declaration.

– If the above conditions are satisfied no duty shall be chargeable on the first one hundred and fifty thousand euro (€150,000) of the aggregate value of the consideration paid for the acquisition of such property.

– The benefit does not apply to any transfer of property where a notice of a promise of sale or transfer relating to such property has been given to the Commissioner in accordance with the provisions of article 3(6) of the Duty on Documents and Transfers Act or of rules made under that Act either before the 1st July 2013.

POSA Registered on or after 1st July 2015

Purchasers shall be eligible to apply to the Inland Revenue Department for a refund of the provisional duty paid on the first €150,000 of the aggregate value of the consideration paid, or any proportionate amount, after publication and registration of the final deed of purchase, if the final deed of purchase is signed by not later than 31st December, 2016.

Provided that the application for refund includes a declaration of the Purchaser that this is the first immovable property acquired inter vivos by such person and that the property is to be used as the sole ordinary residence of the purchaser.

POSA Registered before 1st July 2015

Purchasers will still benefit from the relief from duty on the first €150,000 of the aggregate value of the consideration paid for the acquisition, if the final deed of purchase is signed by not later than 31st December, 2016.

Purchasers shall be eligible for a refund of the duty paid on the first €150,000 of the aggregate value of the consideration paid, or any proportionate amount, paid on the deed of acquisition.

Guidance Note issued by the Inland Revenue Department.

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