Many mortgage holders finding their tax cuts wiped out by mortgage interest relief deduction - Pearse Doherty TD
Sinn Féin Finance Spokesperson Pearse Doherty TD has said many mortgage holders are finding the extra euro or two in their pay being wiped out or more by the reduction in the Mortgage Interest Relief.
Speaking today Deputy Doherty said:
“The Minister for Finance called a press confidence this week to try to bring to people’s attention the extra couple of euro that might be in their pay cheque this month. What he didn’t mention was that for 290,000 families with mortgages this couple of euro may be wiped out by the reduction in Mortgage Interest Relief reduction.
“It is a classic case of giving with one hand and taking with the other. Unfortunately, my amendment to delay the phasing out of this relief was rejected by Fine Gael and Fianna Fáil in the Finance Bill.
“A targeted relief for those in the negative equity generation, perhaps paying very high interest rates, is being phased out to be replaced by tax cuts favouring the better off.
“Mortgage Interest Relief may be the crucial little help keeping many families’ heads above the water. Many will be shocked on receiving a letter from their bank telling them that this help is being removed and that their mortgage is increasing.”