Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I have previously made the point in the House that we need to be careful in using taxation policy in the context of the property market. There is a time and place for such interventions and there are measures that are appropriate if they are designed properly. However, it is worth making the point that taxation is paid on the profit. A significant number of reliefs are already available. I have mentioned the 100% mortgage interest relief. A range of deductible expenses are allowed for landlords, including the cost of maintenance; repairs; insurance; management of the property; property management fees; the cost of registering a tenancy with the Residential Tenancies Board, RTB; the cost of letting, such as letting agency fees; and the cost to the landlord of any goods provided or services rendered to a tenant. In addition, there are a range of wear-and-tear allowances in respect of furniture, fixtures, fittings and so on at a rate of 12.5% per annum over a period of eight years. I am committing to a review of all of this in the context of the budget with a view to bringing forward some measures for the rental sector.

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