Written answers

Monday, 11 September 2017

Department of Finance

Mortgage Interest Relief Data

Photo of Clare DalyClare Daly (Dublin Fingal, Independent)
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126. To ask the Minister for Finance further to Parliamentary Question No. 112 of 26 August 2017, the number of years the person continues receiving tax relief at source, TRS, as a non-first-time buyer. [37307/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I believe the Deputy intended to refer to Parliamentary Question No. 112 of 26 July 2017. 

In my reply on 26 July I provided an overview of section 244 of the Taxes Consolidation Act 1997, which provides tax relief in respect of interest paid by an individual on a loan used for the purchase, repair, development or improvement of his or her main residence or the sole or main residence of his or her civil partner, dependant relative or his or her former or separated spouse, and I set out in some detail the changes made to this section in the Finance Acts of 2009, 2010 and 2012.

In response to the Deputy’s specific question, I am advised by Revenue that tax relief continues to apply up to the end of the current tax year 2017, in respect of interest paid on qualifying loans taken out by either a non-first time buyer or a first time buyer between 1 January 2004 and 31 December 2012.  The Deputy will be aware that, as a result of the gradual phasing out of Mortgage interest relief (MIR), tax relief is now available only in respect of interest paid on qualifying home loans taken out between 2004 and 2012 and has been abolished for homes purchased on or after 1 January 2013.  MIR is currently due to expire for the remaining recipients on 31 December 2017, however in Budget 2017 the Government’s intention to extend MIR beyond the current end-date of December 2017 on a tapered basis to 2020 was confirmed, in line with the commitment in the Programme for Government.

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