Catherine Murphy (Kildare North, Independent)
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To ask the Minister for Finance if he will consider extending the enhanced mortgage interest relief to first time buyers who signed contracts for their home in 2008 and were therefore obliged to pay inflated prices, but who did not draw down their loan or incur interest payments until 2009 because they purchased off the plans; if so, the criteria that will be required to prove that the contractual obligation was in place; and if he will make a statement on the matter. [39560/12]

Michael Noonan (Limerick City, Fine Gael)
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The position is that in Budget 2012, the Government fulfilled its commitment contained in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first-time buyers who took out their first mortgage in the period 2004 to 2008. The legislation to give effect to this was introduced by way of Section 9 Finance Act 2012 and provides that the new 30% rate of tax relief applies to qualifying interest paid on a qualifying loan taken out on or after 1 January 2004 and on or before 31 December 2008. In addition, I have sought to be as flexible as possible within the constraints pertaining. A mortgage holder will qualify for the increased rate if they made their first mortgage interest payment in the period 2004 to 2008 or if they drew down their mortgage in that period.

As with all time limited reliefs, there will always be people who just miss out, and that is why I have been as flexible as possible. However, I do not intend to extend the parameters of the measure any further as it would become less targeted and more costly.