Mortgage interest relief extended
Mortgage interest relief extended to 2012 (MIR)
First time buyers in 2012 will get mortgage interest relief at 25%. Non-first time buyers in 2012 will get mortgage interest relief at 15%.
Mortgage interest relief will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018, as previously announced.
The rate of mortgage interest relief will be increased to 30% for first time buyers who took out their first mortgage between 2004 and 2008.
The current stamp duty arrangements for residential property will continue to apply with 1% on transactions up to and including €1 million and 2% thereafter.
Multiple stamp duty rates for non-residential properties (including farmland, commercial and industrial buildings) will be abolished. The current top rate of 6% will be replaced with a flat rate of 2% in respect of instruments executed after 6 December 2011. (Midnight 6 December 2011)
Capital Gains Tax
Property purchased between midnight 6 December 2011 and the end of 2013 and held for at least seven years will not be liable for Capital Gains Tax for those seven years.
Section 23 reliefs – small investors
Reliefs in Section 23 type investments will continue at the present rate for investors with an annual gross income under €100,000. These small investors are regarded as being vulnerable to insolvency.