Tuesday, 1 April 2014

Ceisteanna (180)

Michael McGrath

Ceist:

180. Deputy Michael McGrath asked the Minister for Finance the total tax expenditure in respect of residential mortgage interest relief in 2013; the projected tax expenditure in respect of residential mortgage interest relief in 2014 and each year up to the complete abolition of mortgage interest relief; and if he will make a statement on the matter. [15112/14]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am informed by the Revenue Commissioners that the provisional cost to the Exchequer of mortgage interest relief for principal private residences by way of tax relief at source in 2013 is €353 million. The estimate for 2014 is €350 million.

The cost of the relief going forward for the 2015, 2016 and 2017 tax years 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 relief in 2015 and later years.