Dáil Éireann Debate, Thursday - 26 January 2012
63 Deputy Nicky McFadden asked the Minister for Finance if the rules regarding the mortgage interest relief scheme could be changed to allow for persons renting out a property to benefit from the scheme; and if he will make a statement on the matter. [4553/12]
Amharc ar fhreagraThe position is that the legislation setting out the detail of the proposed new 30% rate of mortgage interest relief announced in my Budget speech will be published in the forthcoming Finance Bill. However, the new rate of relief will be available only to individuals who took out their first mortgage in the period 2004 to 2008, and where such homes are the sole or main residence of the individuals. The proposed new rate of relief will not be available to individuals who took out their first mortgage between 2004 and 2008 and who are now renting out that property. However, it should be noted that an individual who rents out their residential property may be allowed a deduction, subject to certain conditions, in computing the taxable rents from that letting of 75% of the interest on monies borrowed to purchase, improve or repair that property.
64 Deputy Robert Troy asked the Minister for Finance if he will extend the mortgage interest relief to include more than first time buyers who purchased houses at the peak of the boom. [4555/12]
Amharc ar fhreagraAs the Deputy is aware the Programme for Government contained a very specific commitment to examine a proposal to increase mortgage interest relief to 30% for first time buyers who bought between 2004 and 2008. In Budget 2012, this commitment was fulfilled. It is not my intention to widen the parameters of the commitment contained in the Programme for Government.
