Skip to main content
Normal View

Mortgage Interest Relief Application

Dáil Éireann Debate, Tuesday - 4 December 2012

Tuesday, 4 December 2012

Questions (150)

Paul Connaughton

Question:

150. Deputy Paul J. Connaughton asked the Minister for Finance if a person qualified for mortgage interest relief before the end of the year are they guaranteed it for the duration of the mortgage or a specified period or is the relief only available on the tranche of the mortgage drawn down before the year end 2012; and if he will make a statement on the matter. [54071/12]

View answer

Written answers

The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. Tax relief on interest paid on qualifying home loans taken out in the period 1 January 2004 to 31 December 2012 will continue up to and including the 2017 tax year. However, tax relief is not available on interest paid on loans taken out on or after 1 January 2013. This means that only the interest paid on monies drawn down on or before 31 December 2012 will qualify for tax relief. I have no plans to review this decision and I believe that more than adequate notice of this decision has been provided. As you will appreciate, I receive numerous requests for the introduction of new tax reliefs and the extension of existing ones. You will also appreciate that I must be mindful of the public finances and the many demands on the Exchequer given the current significant budgetary constraints. Tax reliefs, no matter how worthwhile in themselves, reduce the tax base and make general reform of the tax system that much more difficult.

Top
Share