MORTGAGE INTEREST RELIEF:
FIRST TIME BUYERS NOT YET RECEIVING FULL ENTITLEMENT
If you are a first time buyer of a house sold between 2004 and 2008, you should benefit from the increase to 30% in mortgage interest relief granted in the December 2011 budget.
However, a computer problem has led to first time buyers not receiving this extra benefit and it may be April 2012 before first time buyers receive their full entitlement.
The computer system used by the Revenue Commissioners to communicate with the main Irish banks
can, at present, only deal with a 25% mortgage interest
relief rate and it may be a few months before the computer
software is updated.
In the meantime, the Revenue have provided enough information for the banks to pass on this interim 25% rate to their customers. If you are one of the estimated 270,000 people eligible for this tax break, it may well be time to check with your bank and make sure that you receive your entitlement.
Single first time buyers of properties in 2007 will benefit by amounts up to € 1,000 whilst couples will enjoy benefits of € 2,000 in 2012 and 2103, providing a single person with total maximum interest relief
of € 3,000 in 2012 and 2013, and € 6,000 in respect of couples.
Sources for this summary include the Irish Times newspaper.
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