Written answers

Tuesday, 19 January 2010

9:00 pm

Photo of George LeeGeorge Lee (Dublin South, Fine Gael)
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Question 221: To ask the Minister for Finance the changes to mortgage interest relief outlined in the budget 2010; and if he will make a statement on the matter. [48244/09]

Photo of Joe McHughJoe McHugh (Donegal North East, Fine Gael)
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Question 262: To ask the Minister for Finance if he will explain the nature of all reliefs for first-time house buyers pursuant to budget 2010; if first time buyers receive just tax relief for seven years in total irrespective of the date of purchase; if reliefs for first-time buyers in certain categories of first--time buyers extended to 2017; if so, the reason therefore; and if he will make a statement on the matter. [1203/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 221 and 262 together.

The position in relation to mortgage interest relief is as I stated in my Budget speech on 9 December 2009. As a support to homeowners who may now find themselves in negative equity, I am extending mortgage interest relief up to the end of 2017 for those who took out qualifying loans from 2004.

To encourage those who want to buy a house over the next three years I will provide that qualifying loans taken out before 1 July 2011 will continue to get relief at current levels, and transitional arrangements will apply to loans taken out in the subsequent 18 months at a reduced level and duration.

It is my intention to abolish mortgage interest relief entirely by the end of 2017. Full details in relation to the new rates, ceilings, duration of the relief and other provisions required will be set out in the Finance Bill.

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