Confusion over mortgage interest relief
After the recent budget the entitlement to claim mortgage interest relief ceases after year 7.
If you have been claiming interest relief for seven years there is therefore no further entitlement.
It appears from recent reports that the authorities are having some troblems in establishing the number of years for which interest relief has been claimed by tax payers.
Our latest reports indicates that relief will be withdrawn until the position can be ascertained.This seems a very harsh meaure as it can't be to difficult for lenders to run a program identifying first time buyers over the past 7 years.
But please wait until later foday when we expect a statement from revenue to clarify the position.