Dáil Éireann Debate, Thursday - 5 February 2015
124. Deputy Michael McGrath asked the Minister for Finance the projected cost of mortgage interest relief this year; the estimated cost in 2014, the number of persons currently in receipt of mortgage interest relief; and if he will make a statement on the matter. [5368/15]
View answerI am informed by the Revenue Commissioners that the provisional cost to the Exchequer of mortgage interest relief in respect of principal private residences, provided via tax relief at source (TRS) in 2014 is €266 million. I am also informed that, on the basis of returns in respect of eligible TRS accounts, it is estimated that approximately 495,000 individuals availed of the relief in 2014.
The cost of mortgage interest relief in 2015 will 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 relief.
