Committee on Budgetary Oversight to meet for discussion on the introduction of the residential premises rental income relief and mortgage interest tax relief in Budget 2024

Speaking ahead of the meeting Committee Cathaoirleach Barry Cowen TD said “Our post-Budget 2024 engagement with the Institute of Professional Auctioneers and Valuers and the Irish Mortgage Holder’s Organisation focuses on the introduction of residential premises rental income relief and mortgage interest tax relief.

“The Residential Premises Rental Income Relief is a tax relief at the standard rate against private rented residential income. The relief has been introduced as a measure designed to incentivise residential landlords to remain in the private rental market and will require landlords to remain in the market for at least 4 years to avail of this relief.

“Mortgage Interest Tax Relief has been introduced to alleviate some of the burden faced by mortgage holders from high interest rates and will be available to taxpayers in respect of their principal private residence in the State where the outstanding mortgage balance was between €80,000 and €500,000 on 31 December 2022, subject to compliance with Local Property Tax and planning requirements.

“The Committee looks forward to engaging with the representatives tomorrow on these two new tax expenditures and examining how they will operate in practice, the costs involved, as well as discussing the rationale for introducing them.”

The meeting in Committee Room 2 can be viewed live on Oireachtas TV

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