Fianna Fáil TD for Cavan and Monaghan Deputy Niamh Smyth has urged PAYE workers to claim for tax relief on mortgage interest relief that has been announced. Finance Minister, Michael McGrath confirmed yesterday that, claims for tax relief scheme for 2023 can be submitted through Revenue's myAccount service.
More than 200,000 mortgage holders are eligible for the temporary one-year relief up to the value of €1,250. It was announced by Minister McGrath in Budget 2024.The projected cost is €125 million on a once off basis. 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.
Deputy Smyth said she was pleased to see that PAYE workers can now claim mortgage interest tax relief for 2023. She is encouraging anyone who is eligible to claim the relief, which is valued at up to €1,250, to log onto myAccount on Revenue.ie and submit their claim. To claim this tax relief, taxpayers should file a 2023 Income Tax Return and upload their certificate of mortgage interest for 2022 and 2023, and confirmation of their mortgage balance at 31 December 2022.
