Couple Loses €30,000 Help to Buy Tax Refund Over €510,000 Valuation

A couple buying their first home missed out on a tax refund up to €30,000 under the Help to Buy scheme due to a valuation exceeding the €500,000 limit. The Tax Appeals Commission dismissed their appeal against a Revenue Commissioners' decision last September to refuse their application.

Revenue refused payment because the bank's mortgage approval letter valued their self-build home at €510,000. The Help to Buy scheme requires properties to be valued at no more than €500,000 to qualify for the refund, which can be up to €30,000 in income tax and deposit interest retention tax (Dirt) paid over four years.

The couple claimed the €510,000 figure was a «typographical error» by their valuer, who later confirmed via email that the correct value should have been €500,000. However, Commissioner Jo Kenny ruled that the documentation presented showed the bank-approved valuation at the time of the loan was €510,000, exceeding the legislative maximum. She stated that the valuer's subsequent correction did not alter the original bank-approved valuation and that the legislation allowed no discretion, upholding Revenue's refusal.