Dáil Éireann Debate, Wednesday - 6 June 2012
71 Deputy Jerry Buttimer asked the Minister for Finance when the increased mortgage interest relief for those who purchased their homes between 2004 and 2008 will be commenced; and if he will make a statement on the matter. [26403/12]
View answerI am informed by the Revenue Commissioners that they continue to work with all qualifying lenders to ensure that the necessary software changes to lenders' Tax Relief at Source (TRS) systems are in place at the earliest possible date.
The speed with which the required software changes can be developed and implemented varies from lender to lender. The majority have now successfully completed testing of their software programs to enable them pass on the 30% rate. Where for any reason Revenue is concerned that the pace of implementation is less than optimal having regard to all of the circumstances, Revenue is in direct contact with the lender concerned to ensure the necessary changes are implemented as a matter of urgency.
As an interim relieving measure, a 25% rate available in the Information Communication Technology (ICT) systems was applied to all eligible accounts from January 2012. The current software changes allow for the introduction of the 30% rate in the lenders' ICT systems resulting in the passing on of the remaining 5% to the mortgage account holders and any relief due since 1 January.
