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Question about HTB

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  • 10-06-2021 10:16am
    #1
    rob316
    Registered Users Posts: 18,095 ✭✭✭✭


    Hi

    Can the rebate include tax paid in the current tax year?


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    #2
    Creamy Goodness
    Registered Users Posts: 26,578 ✭✭✭✭Creamy Goodness


    rob316 wrote: »
    Hi

    Can the rebate include tax paid in the current tax year?

    Nope, you have to do your end of year (P21 forms).


    However the buying process is quite long depending on the current build state of the development, you can cancel your current HTB status at any time and resubmit it just before draw down, you may have completed your end of year by then.


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    #3
    rob316
    Registered Users Posts: 18,095 ✭✭✭✭rob316


    Creamy Goodness wrote: »
    Nope, you have to do your end of year (P21 forms).


    However the buying process is quite long depending on the current build state of the development, you can cancel your current HTB status at any time and resubmit it just before draw down, you may have completed your end of year by then.

    Thanks.

    The development I'm looking at Feb/March the build is expected to be done. But the enchanced HTB is gone in December, its 10k less. Not sure what to do


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    #4
    Creamy Goodness
    Registered Users Posts: 26,578 ✭✭✭✭Creamy Goodness


    rob316 wrote: »
    Thanks.

    The development I'm looking at Feb/March the build is expected to be done. But the enchanced HTB is gone in December, its 10k less. Not sure what to do

    I don't have a crystal ball and anyone that does is lying but I have a feeling it will get extended just like it did last year.

    Not sure what to do? Apply for the HTB anyways as soon as the developer has it they can choose when to draw down, if it's a case that the HTB is decreased there'll be news about it and gives them time to draw down on your instruction. If it's extended your developer will want that extra 10k and will wait especially if Feb/March is the completion date.

    Either way, apply, not applying leaves money on the table


    *Edit* Just to add if the figures are tight and were relying on the full HTB, try figure out if any more cutbacks can be made for the rest of the year to make up for the shortfall, it'll help pay for solicitors, stamp duty, fixtures and fittings, furniture etc. which the banks will want to see funds set aside for anyways.


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