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Dáil Éireann debate -
Wednesday, 10 Dec 1980

Vol. 325 No. 5

Written Answers. - Mortgage Rates Credit.

81.

asked the Minister for Finance if he will ensure that the Revenue Commissioners give credit against income for the real rate of interest paid by mortgage-holders in cases where the real rate is higher than 14.15 per cent.

Subject to the statutory limits on the total amount of interest which qualifies for income tax relief, relief is given on the actual amount of mortgage interest paid by an individual. The fact that, in a particular case, the real rate of interest may exceed the rate of interest quoted by the lending institution is accordingly immaterial as far as income tax relief is concerned.

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