From today, PAYE taxpayers can submit claims for Mortgage Interest Relief for 2023 through Revenue’s myAccount service.
In Budget 2024, Minister for Finance Michael McGrath announced a temporary one-year Mortgage Interest Tax Relief scheme up to a value of €1,250.
The tax relief is at the standard rate of income tax and is based on the increase in interest paid in 2023 over interest paid in 2022.
It is estimated there are approximately 208,000 mortgages eligible for the relief. The projected cost is €125 million on a once off basis.
To claim this tax relief taxpayers should file a 2023 Income Tax Return and upload their certificate of mortgage interest for 2022 and 2023, along with confirmation of their mortgage balance at 31 December 2022.
The Department of Finance said the easiest way for PAYE taxpayers to claim the relief is to log into “myAccount”. Self-assessed taxpayers will be able to claim the relief through “ROS” in mid-February.
Minister for Finance Michael McGrath said the Government is acutely conscious of the impact increases in interest rates have had on many mortgage holders.