Dáil Éireann Debate, Tuesday - 28 July 2020
254. Deputy Pearse Doherty asked the Minister for Finance the full-year cost and budgetary impact in 2021 of maintaining the current rate of mortgage interest relief; and if he will make a statement on the matter. [18764/20]
View answerMortgage interest relief (MIR) for persons with a qualifying mortgage loan on a principal private residence is only available on a tapered basis for loans taken out between 2004 and 2012. The relief will end on 31 December 2020. In 2019, 50% of the interest on a relevant loan qualified for relief while for 2020 the amount is tapered to 25%.
I am advised by Revenue that the cost of MIR in 2019 was approximately €60 million. The projected cost in 2020 is in the order of €35 million and the cost of retaining the relief at this level would likely result in a similar annual cost.
