Brendan Griffin
Question:157. Deputy Brendan Griffin asked the Minister for Finance his views on a matter (details supplied) regarding mortgage interest supplement; and if he will make a statement on the matter. [7996/13]
View answerThursday, 14 February 2013
Questions (157)
Written answers
Tax relief is available, at varying rates and subject to certain ceilings, in respect of interest paid by an individual on a loan used for the purchase, repair, development or improvement of his/her sole or main residence or the sole or main residence of his/her former or separated spouse/civil partner. The relief is available up to and including the tax year 2017 on the interest paid on qualifying home loans taken out between 1 January 2004 and before 1 January 2013.
Individuals purchasing their first qualifying residence are eligible for the higher ceiling, known as the ‘first time buyer’ ceiling, for the first seven tax years of entitlement to mortgage interest relief. The maximum amount of interest paid in respect the ‘first time buyer’ ceiling for which tax relief may be claimed is €20,000 for married/widowed persons and €10,000 for single persons.
For tax year eight and subsequent tax years, the ceiling on relief, known as the ‘non-first time buyer’ ceiling is €6,000 for married/widowed persons and €3,000 for single persons. It is the first time buyer ceiling that ceases after seven years and not the tax relief itself. The tax relief continues to apply in tax year 8 and subsequent years up to and including tax year 2017 at the ‘non first time buyer’ ceiling.