Dáil Éireann Debate, Wednesday - 15 January 2014
133. Deputy Michael McGrath asked the Minister for Finance the amount granted by way of mortgage interest relief in respect of principal private dwellings in each of the years from 2010 to 2013; and the expected cost each year until the relief is withdrawn in 2017. [1174/14]
View answerI am informed by the Revenue Commissioners that the cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source (TRS) in the years 2010 to 2014 inclusive is as follows:
|
Tax Year |
Cost €m |
|
2010 |
375 |
|
2011 |
357 |
|
2012 |
411 |
|
2013* |
353 |
|
2014 (estimated) |
350 |
*This figure is provisional and subject to revision.
The estimate of €350 million for 2014 is a revision of a previous estimate of €400m based on firmer figures becoming available for 2013. The cost of mortgage interest tax relief for 2015 and later years in respect of principle private residences would depend on a variety of factors, including the numbers of mortgages, the monetary amount of the qualifying loans taken out; the rate of relief applying to those qualifying loans, the year the qualifying loans were taken out and the extent to which the ceilings for relief are impacted by changes in interest rates. Accordingly, it is not possible to provide an accurate estimate of the expected cost of the tax relief in 2015 and later years.
