Committee on Budgetary Oversight to meet for engagement on Tax Expenditures in Budget 2024: Residential Premises Rental Income Relief and Mortgage Interest Tax Relief

Speaking ahead of the meeting Committee Cathaoirleach Barry Cowen TD said “Our post-Budget 2024 engagement today with officials from the Department of Finance focuses on Residential Premises Rental Income Relief and Mortgage Interest Tax Relief.

“The new Residential Premises Rental Income Relief is a tax relief at the standard rate against private rented residential income. The relief has been introduced as a measure designed to incentivise residential landlords to remain in the private rental market and will require landlords to remain in the market for at least 4 years to avail of this relief.  The relief applies for the years of assessment 2024 to 2027 inclusive and equates to a tax credit of up to €600 in year one, €800 in year two and €1,000 in years three and four.

“Mortgage Interest Tax Relief has been introduced to alleviate some of the burden faced by mortgage holders from high interest rates and will be available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 on 31 December 2022, subject to compliance with Local Property Tax and planning requirements.”

“The Committee looks forward to engaging with the Department officials on these two new tax expenditures and examining how they will operate in practice, the costs involved, as well as discussing the rationale for introducing them.”

The meeting in Committee Room 2 can be viewed live on Oireachtas TV

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