Michael McGrath (Cork South Central, Fianna Fail)
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Mortgage Interest Tax Relief is available for home owners with an outstanding mortgage balance on their principal private residence of between €80,000 and €500,000 on 31 December 2022.

Mortgage Interest Tax Relief is available at the standard rate of income tax and is based on the increase in interest paid in 2023 over interest paid in 2022. The value of the relief will be equal to the lesser of 20 per cent of this excess interest figure, or €1,250. This means that the maximum tax credit will be €1,250 per property.

Where the interest payments made in respect of either the 2022 or 2023 tax years are not for a full year, pro-rating of the relief will apply, to ensure interest is applied on a period of equivalence basis and that the cap is adjusted accordingly.

In order to avail of the relief, the taxpayer must file a 2023 Income Tax Return and upload their certificate of mortgage interest for 2022 and 2023, and confirmation of their mortgage balance at 31 December 2022. Furthermore, the taxpayer must have paid Income Tax in 2023 and be compliant with Local Property Tax requirements.

Finally, I am advised by Revenue that the person concerned, while they meet the qualifying criteria to claim the Mortgage Interest Tax Relief, cannot avail of the relief, as they did not pay any Income Tax in 2023.