Clare Daly (Dublin North, Socialist Party)
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To ask the Minister for Finance if he will extend the mortgage interest relief scheme to home owners who have to rent out their own only property. [44227/12]

Michael Noonan (Limerick City, Fine Gael)
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The position is that mortgage interest relief is only available in respect of interest paid by an individual on a loan used by that individual for the purchase, repair, development or improvement of his/her sole or main residence. Mortgage interest relief will not be available on interest paid on a loan taken out on or after 1 January 2013. Given the current budgetary constraints, I have no plans to widen the scope of the relief to cater for people who are renting out their property. However, it should be noted that an individual who rents out their residential property may be allowed a deduction, subject to certain conditions, in computing the taxable rents from that letting of 75% of the interest accruing on monies borrowed to purchase, improve or repair that property.