Dáil Éireann Debate, Thursday - 4 October 2012
75. Deputy Michael McGrath asked the Minister for Finance in relation to the deadline of 31 December 2012 for first time buyers to avail of mortgage interest relief, if he will explain specifically the stage a borrower has to have reached in order to qualify, for example, mortgage drawn down and mortgage repayment; and if he will make a statement on the matter. [42406/12]
Amharc ar fhreagraThe position is that tax relief is available up to and including the tax year 2017 on interest paid on a qualifying home loan taken out on or after 1 January 2004 and on or before 31 December 2012. Such relief is not confined to first time buyers. In addition, tax relief is not available on the interest paid on a loan taken out on or after 1 January 2013. As regards the deadline, the loan must have been drawn down by 31 December 2012.
A qualifying loan for mortgage interest relief is one which without having been used for any other purpose, is or are used in the purchase, repair, development or improvement of a claimant’s principal private residence. Eligibility for the tax relief on the interest paid on such loan is not contingent on the claimant having made a repayment on that loan prior to 31 December 2012.
