Written answers

Tuesday, 17 July 2012

Department of Finance

Mortgage Interest Relief

8:00 pm

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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Question 121: To ask the Minister for Finance when the qualifying mortgage customers of Ulster Bank will benefit from the increase in mortgage interest relief in the Finance Act 2012; if he will confirm the number of customers affected; and if he will make a statement on the matter. [35251/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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This is a matter for the Revenue Commissioners who are responsible for the administration of mortgage interest relief through the tax relief at source (TRS) system. I am advised by Revenue, that they have had on-going contacts and discussions at a senior level with Ulster Bank towards expediting the necessary software changes by Ulster Bank to their TRS systems so that the 30% rate is applied for appropriate mortgage account holders. There are approximately 37,000 Ulster Bank accounts impacted by the change.

Revenue is currently awaiting clarification and confirmation from Ulster Bank on a number of issues regarding the scheduling and testing of the software changes, including, in the light of those clarifications and confirmation, the envisaged implementation date. As an interim relieving measure a 25% rate already available in the ICT systems was applied to all eligible accounts from January. The software changes to be implemented will allow for the passing on of the remaining 5% to mortgage account holders and the balance of relief due since 1 January.

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