The seven-year time limit for mortgage interest reliefs refers to seven tax years. A tax year is the period from 1 January to 31 December inclusive. Based on the information provided, there would be an entitlement to mortgage interest relief from 2003, including entitlement on the new mortgage taken out when the person traded up to a new property in 2008. Having received mortgage interest relief for seven tax years from June 2003 to 31 December 2009 at the first-time buyer rate, the person is now entitled to receive mortgage interest relief on the new property at the non-first time buyer rate of 15% per annum, on interest paid up to a maximum of €3,000 for a single person or €6,000 for a married couple.
The entitlement to relief in this instance was due to end in 2014. However, in Budget 2010, I announced that I would be extending mortgage interest relief up to the end of 2017, at the appropriate rate, for those whose entitlement to relief was due to end in 2010 or after. Full details of this measure are set out in the Finance Bill.