2024 Budget Update: New Mortgage Interest Tax Relief for Homeowners

Exciting news for homeowners in the 2024 Budget! The Irish government has introduced a significant mortgage interest tax relief initiative, designed to alleviate some of the financial burdens caused by recent interest rate hikes from the European Central Bank. Here’s what you need to understand about this crucial development:

Eligibility Criteria

Mortgage Balance Range: If your mortgage balance on your primary residence was between €80,000 and €500,000 as of December 31, 2022, you qualify for this relief.

Interest Rate Increases: This relief specifically targets the additional interest incurred on your mortgage in comparison to the year 2022.

Key Features of the Tax Relief

Relief Rate: Homeowners will receive a 20% tax relief, aligned with the standard income tax rate.

Cap on Relief: The maximum relief is capped at €1,250, ensuring a fair and balanced benefit for eligible homeowners.

Claiming the Relief: You can claim this tax relief when making your income tax return for 2023.

Documentation Required: Be prepared to submit mortgage statements for both 2022 and 2023 to validate your claim.

Implementation Timeline

Availability for Claims: The facility for claiming this relief is anticipated to be available by January 31, 2024.

This mortgage interest tax relief represents a significant step in supporting homeowners facing increased financial pressure due to rising interest rates. We understand the importance of staying informed about such initiatives that impact your financial well-being.

Need More Information?

At ezfees financial, we’re committed to helping you navigate these changes. If you have any questions or need further assistance regarding this new tax relief, please don’t hesitate to reach out. Your financial health is our top priority!

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