(1) The Principal Act is amended by inserting the following section after section 477B:

"477C. Help to Buy

(1) In this section -

'appropriate payment' shall be construed in accordance with subsection (4);

'appropriate tax' has the meaning assigned to it by section 256;

'approved valuation', in relation to a self-build qualifying residence, means the valuation of the residence that, at the time the qualifying loan is entered into, is approved by the qualifying lender as being the valuation of the residence;

'first-time purchaser' means an individual who, at the time of a claim under subsection (3) has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his or her own behalf a dwelling;

'income tax payable' has the meaning assigned to it by section 3;

'loan' means any loan or advance, or any other arrangement whatever, by virtue of which interest is paid or payable;

'loan-to-value ratio' means the amount of the qualifying loan as a proportion of the purchase value of the qualifying residence or the self-build qualifying residence;

'PPS number', in relation to an individual, means the individual's personal public service number within the meaning of section 262 of the Social Welfare Consolidation Act 2005;

'purchase value' means -

(a) in the case of a qualifying residence, the price paid for the qualifying residence, being a price that is not less than its market value, or