Fianna Fáil to abstain from vote on new help-to-buy scheme

Fianna Fáil has said it will abstain from a vote on the new help-to-buy scheme which would offer a €20,000 tax rebate to first time buyers on newly- built homes.

The party is calling for changes to the scheme, under which first-time buyers can get a maximum of €20,000 (or 5% of a maximum house price of €400,000) back in tax relief that they can offset against their required deposit. To avail of the relief, the buyers will have to put down a 20% deposit.