The Mortgage Interest Tax Credit (MITC) was announced by the Minister for Finance in Budget 2023. Broadly, the new tax credit is a one-year tax credit for taxpayers who have made mortgage interest payments in respect of a qualifying loan for a principal private residence, where a number of conditions are satisfied.The relief is available to taxpayers with mortgage balances of between €80,000 and €500,000 as of 31 December 2022. The credit is available in respect of the 2023 taxyear only and is based on the increase in interest paid in 2023 over interest paid in 2022. The increase will, subject to a cap of €6,250, qualify for relief at the standard rate of Income Tax (20%). Thus, this equates to a maximum tax credit of €1,250 per property. Only one credit is available per property.The credit is available in respect of qualifying properties being the sole or main residence of the individual, the individual’s former or separated spouse or civil partner or a dependent relative. The definition of qualifying property extends the relief to a residential property used to facilitate the individual’s or their spouse or civil partner’s attendance at their trade, profession, employment or office holding.
More details:
More details: