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Ireland Exclusive: Blow for struggling homeowners as mortgage interest relief to be cut in Budget

13:06  10 october  2017
13:06  10 october  2017 Source:

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Buy-to-let landlords are facing cuts to the amount of tax relief they can claim on mortgage interest payments from April 2017, George Osborne revealed in the budget today. ' Mortgage Interest Relief was withdrawn from homeowners 15 years ago.

Stock photo © Provided by Irish Independent Stock photo Struggling homeowners are facing a major budget blow as Minister for Finance Paschal Donohoe prepares to slash mortgage interest relief by 25pc.

The relief allows homeowners who bought during the boom years claim back tax on their mortgage interest payments.

Fianna Fail wanted the tax relief protected in the budget but conceded it would have to be reduced to pay for other measures.

Read also: Kevin Doyle: Donohoe tries to play Budget bingo where everyone wins

The tax relief will be reduced by 25pc every year for the next three years.  It is expected the reduction will save the State €50m next year.

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Mr Donohoe will also raise revenue for tax cuts and welfare payments by increasing the stamp duty on commercial property sales from 2pc to 6pc which will raise €400m. An increase tax on tech companies is expected to raise €150m.

Excise duty on cigarettes will also increase and a sugar tax will be introduced later next year. 

Tracker scandal: Paschal is calling bankers next week to 'admonish' them .
Donohoe is calling in the bankers on Monday and Tuesday to “admonish” the chief executives.Donohoe is calling in the CEOs of Bank of Ireland, AIB, Ulster Bank, PTSB and KBC on Monday and Tuesday to “admonish” them over their behaviour, said the Taoiseach today.

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