Joint first-time buyers John and Louise completed the construction of their newly built home on 31 January 2015. It is suitable for immediate occupation.
The completed value of the house is €300,000. The maximum savings on which relief is due is €60,000 (€300,000 @ 20%).
During the four years before the completion date, 1 February 2011 to 31 January 2015 John saved €30,000. He received gross interest of €420 and paid €143 DIRT on the interest*.
Louise saved €35,000. She received gross interest of €490 and paid €167 DIRT on the interest*.
Their savings exceed the maximum of 20% of the completion value. They are only allowed a refund on the maximum savings allowable.
*John: €60,000 / €65,000 x €143 = €132
*Louise: €60,000 / €65,000 x €167 = €154.15