Written answers

Thursday, 16 July 2015

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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155. To ask the Minister for Finance if he will provide, in tabular form, the number of persons or mortgage accounts in receipt of tax relief at source, in each year from 2010 to 2014 and in 2015 to date; the projected cost of the scheme this year; and if he will make a statement on the matter. [29755/15]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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159. To ask the Minister for Finance the cost of increasing the rate of tax relief at source that applies in 2015 to 40% and 50% respectively from 30%, for those who took out a qualifying loan between 2004 and 2008; and if he will make a statement on the matter. [29769/15]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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160. To ask the Minister for Finance the cost of increasing the ceiling in 2015 of €3,000 interest for tax relief at source for those who took out a qualifying loan between 2004 and 2008, to €4,000 and €5,000 respectively; and if he will make a statement on the matter. [29770/15]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 155, 159 and 160 together.

I am informed by Revenue that the number of mortgage accounts in receipt of tax relief at source in respect of mortgage interest in each year from 2010 to 2015 (to date), is as set out in the following table. The projected cost of mortgage interest relief in 2015 is estimated to be in the order of €275 million.

YearNumber of Mortgage Accounts
2010349,500
2011352,800
2012355,400
2013351,200
2014331,200
2015 (to date)323,500

The cost of increasing the rate of tax relief at source that applies in 2015 to 40% and 50%, for those that took out a qualifying loan between 2004 and 2008, is tentatively estimated at €49m and €98m per annum respectively.

Finally, I am further informed by Revenue that the cost of increasing the ceiling in 2015 of €3,000 interest for tax relief at source, for those that took out a qualifying loan between 2004 and 2008, to €4,000 and €5,000 is tentatively estimated at €22m and €38m per annum respectively. These estimates take into account commensurate increases in the €6,000 ceiling applicable to married couples and civil partners.

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