News

Library of Knowledge No. 74

A welcome tax credit has been introduced on Mortgage Interest (where the interest increased from 2022 to 2023) and is available for taxpayers where:

• The property is the principal residence.
• The mortgage balance was between € 80,000 and € 500,000 at 31 December 2022.
• The qualifying loan remained in place in 2022 and 2023
• The interest on the qualifying loan increased from 2022 to 2023.

The amount qualifying for relief is capped at € 6,250 at the rate of 20%, based on the interest increase between 2022 + 2023.

Important Note:

The Mortgage Interest Tax credit is only available for the year 2023 and claimable via your 2023 income tax return. 

It is also only available where the individual/jointly assessed couple have an actual tax liability.

Additional properties allowable:

The principal private residence of a dependent relative.

                                                or

The residence of a spouse which they used to attend their employment.

Our annual income tax questionnaire for our income tax clients will include all necessary questions to ensure the credit is claimed wherever possible.

Please expect to receive your questionnaire in the coming month.

For further details see: https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/mortgage/index.aspx