Taxes Consolidation Act 1997 section 244A

Application of section 244 (relief for interest paid on certain home loans)

Section 244A provided for a scheme whereby tax relief on mortgage interest paid on a principal private residence in the State was given by way of deduction at source rather than through the tax system. The scheme no longer applies.

• Mortgage holders could deduct the tax relief (at the standard rate of income tax) from their mortgage interest payments to the lender, who was required to accept the reduced payment and could reclaim the shortfall from Revenue.
• Qualifying lenders included banks, building societies, trustee savings banks, ACC Bank plc, local authorities, equivalent EEA or UK mortgage lenders, and any body approved and registered by Revenue.
• Revenue was required to make regulations governing the administration of the scheme, including monthly reporting by lenders, claims procedures, and adjustments for excessive or inadequate relief; all regulations had to be laid before Dáil Éireann.
• Revenue officers could request information from qualifying lenders to verify eligibility for relief, and could make assessments to recover any amounts overpaid to lenders.