The position is that the legislation setting out the detail of the proposed new 30% rate of mortgage interest relief announced in my Budget speech will be published in the forthcoming Finance Bill. However, the new rate of relief will be available only to individuals who took out their first mortgage in the period 2004 to 2008, and where such homes are the sole or main residence of the individuals. The proposed new rate of relief will not be available to individuals who took out their first mortgage between 2004 and 2008 and who are now renting out that property. However, it should be noted that an individual who rents out their residential property may be allowed a deduction, subject to certain conditions, in computing the taxable rents from that letting of 75% of the interest on monies borrowed to purchase, improve or repair that property.