Jim Higgins (Fine Gael)

I move recommendation No. 10:

In page 28, subsection (1)(b), line 47, to delete "€8,000" and substitute €8,600".

The purpose of this recommendation is to introduce an improvement to mortgage interest relief. We have already strayed into the area of housing and housing policy. The burden being placed on first-time home buyers and owners is becoming increasing impossible. I am seeking to increase the limit for a married couple from €8,000 to €8,600 and in the case of a single person, from €4,000 to €4,300.

These recommendations seek to assist first-time buyers. They looked at last year's budget and saw investors in the housing market getting, for example, a concession with regard to stamp duty which would cumulatively be worth something in the region of €12,000 to €15,000 on the capital cost of a house in Dublin city. Investors also got concessions in that they could claim interest relief on mortgages for the purchase of houses for reletting at the top marginal rate of 42%. First-time buyers, by contrast, got a very small concession and it only applied at the rate of 20%.