Written answers

Wednesday, 21 November 2012

Photo of Finian McGrathFinian McGrath (Dublin North Central, Independent)
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To ask the Minister for Finance if he will extend the deadline for the mortgage tax relief for first-time buyers as many first-time buyers are waiting for the various interested parties to complete the sale of their new home and may miss this deadline which is the end of 2012; and if he will make a statement on the matter. [51794/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The position is, as I stated in my Budget day speech on 6 December 2011, and on many occasions in this House since, that mortgage interest relief for principal private residences will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. This means that a loan will have to be drawn down on or before 31 December 2012 in order to qualify for this relief. I have no plans to review this decision and I believe that more than adequate notice of this decision has been provided.

As you will appreciate, I receive numerous requests for the introduction of new tax reliefs and the extension of existing ones. You will also appreciate that I must be mindful of the public finances and the many demands on the Exchequer given the current significant budgetary constraints. Tax reliefs, no matter how worthwhile in themselves, reduce the tax base and make general reform of the tax system that much more difficult.

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