Taxes Consolidation Act 1997 section 473C

Mortgage interest tax relief

Section 473C provides a temporary mortgage interest tax credit for the years of assessment 2023 to 2026 inclusive, available to homeowners whose qualifying mortgage balance fell within prescribed limits on 31 December 2022.

• The credit applies to homeowners with a qualifying mortgage balance of between €80,000 and €500,000 at 31 December 2022, where the property is the claimant's sole or main residence and Local Property Tax obligations are satisfied; for 2023, 2024 and 2025, the credit equals 20% of the increase in mortgage interest paid in the relevant year over interest paid in 2022, subject to an upper limit of €6,250 (maximum credit €1,250) per property.
• For 2026, the credit is calculated at 20% of 50% of the increase in interest paid in 2026 over 2022, with the upper limit halved to €3,125 (maximum credit €625 per property).
• Where interest was paid for less than a full year in either the claim year or 2022, both the qualifying interest and the upper limit are pro-rated to reflect the shorter period; where two or more individuals claim in respect of the same property, only one credit is available and the upper limit is apportioned between them based on each person's share of the relievable interest.
• Claims are made by filing a tax return with Revenue and providing specified information, including mortgage interest certificates and confirmation of the mortgage balance at 31 December 2022; failure to provide the required information may result in refusal or withdrawal of the credit.