Tax relief for homeowners coming to end
THOUSANDS of homeowners who bought during the boom have been warned that a valuable tax break on their mortgages is coming to a close.
Mortgage interest relief is worth an average of €330 this year to those homeowners who are getting it, it has emerged.
But the relief is due to be abolished by December 2017, in a move that is set to hit boom-time home buyers hard.
Tax relief for mortgage holders was available for houses and apartments bought up to the end of last December. It is set to be paid for another three years.
In the 2012 Budget, the relief was doubled for those who bought between 2004 and 2008.
A total of 340,734 mortgage holders qualified for the tax break this year, at a cost of €112m to the Exchequer, Fianna Fail’s Michael McGrath was told by Finance Minister Michael Noonan in the Dail.