Dáil Éireann Debate, Tuesday - 15 October 2024
219. Deputy Jim O'Callaghan asked the Minister for Finance the estimated cost to introduce a €1,000 tax credit for legal, surveying and valuation fees for first time buyers post the enactment of measures announced in Budget 2025. [41504/24]
Amharc ar fhreagraI am advised by Revenue that for 2023, the latest year for which fully analysed data are available, based on stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers, there were 19,417 such returns associated with 32,013 people.
If an income tax credit of €1,000 for first-time buyers was made available on the basis of a single credit per purchase, the maximum amount that could be claimed would, therefore, be in the order of €19.5m. Applied on a per purchaser basis, the maximum amount claimed would be in the order of €32m. These estimates assume no change in taxpayer behaviour.
The actual cost associated with this credit would depend on the income levels of the purchasers, and their associated tax liability, which would dictate their ability to absorb this additional tax credit.
