More than 200,000 mortgage holders will benefit from a once-off interest rate relief which comes into effect today.
PAYE taxpayers can now submit claims in respect of Mortgage Interest Relief for 2023 through Revenue’s myAccount service.
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.
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.
“This forms a further element of a comprehensive package of cost of living supports in Budget 2024 which include energy credits, income tax and USC reductions, and welfare increases which are helping households throughout the country.
A public information campaign was launched last week to raise awareness among taxpayers of the range of tax credits and reliefs available and how they can be claimed.
“As I have stated many times, I encourage all taxpayers to avail of the full suite of credits and reliefs available to them, including Mortgage Interest Tax Relief,” Mr McGrath added.