Revenue computers 'need time to apply 30% mortgage interest relief'
The Finance Minister Michael Noonan is promising that a problem at the Revenue Commissioners in applying beefed-up mortgage interest relief for those who bought at the height of the boom will be sorted soon.
It emerged at the publication of the Finance Bill today that computer systems at Revenue are only allowing a rate of 25%t to be allowed and not the 30% relief announced on Budget day.
But Mr Noonan said it will be resolved soon and those who bought between 2004 and 2008 will get the relief at 30% back-dated.
Mr Noonan said: "I think the issue is that the mortgage relief is at 30% and they need a bit of time to get their systems compliant.
"So they are allowing the mortgage relief at 25% at present, because their systems are geared for that. Then the extra 5% will be made retrospective over the next couple of weeks. As I understand it there is no big issue here."
