Dáil Éireann Debate, Tuesday - 3 July 2012
203 Deputy Joe McHugh asked the Minister for Finance the position regarding the 2004 to 2008 mortgage interest relief scheme announced in budget 2012; his views on the performances of individual banks and finance houses in respect of the implementation of the scheme; and if he will make a statement on the matter. [32282/12]
View answerThis is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source system. I 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 vast majority of lenders have now successfully completed testing of their software programmes and have passed on the 30% rate. Where , in relation to any lender, there is reason for concern about the pace of implementation 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 ICT systems was applied to all eligible accounts from January last. Once the necessary software changes are implemented each lender implements the 30% rate in full, and also credits any balance of relief due for earlier months.
