What is the Mortgage Interest Tax Credit?
The Mortgage Interest Tax Credit (MITC) was announced in Budget 2024. The tax credit is available on the increase in mortgage interest paid in 2023 over mortgage interest paid in 2022.
It is available to taxpayers with mortgage balances of between €80,000 and €500,000 as of 31 December 2022.
The Mortgage Interest Tax Credit is only available for the 2023 tax year.
What documents do I need to apply?
To claim the credit, the following documents are required to be uploaded through Revenue’s online services (www.revenue.ie):
- 2022 Certificate of Mortgage Interest
- 2023 Certificate of Mortgage Interest
- Confirmation of mortgage balance as of 31 December 2022
Customers received their 2022 Certificate of Mortgage Interest and Mortgage Statement in January 2023.
2023 Certificates of Mortgage Interest and Mortgage Statements will be issued from January 2024.
You can request a duplicate Mortgage Statement and Certificate of Mortgage Interest by calling our Customer Service Team on 0818 251 008.
How do I apply for the Mortgage Interest Tax Credit?
In order to claim the Mortgage Interest Tax Credit for the 2023 tax year, the individual must file an Income Tax Return via Revenue’s online services (Revenue.ie).
My mortgage loan transferred from Ulster Bank to AIB. How can I request the required documentation to claim this tax credit?
If you require a mortgage statement for any period up to 21st July 2023, you can request this from Ulster Bank by visiting their Mortgage Customer Support Hub here. Alternatively, you can contact their Customer Service team on 0818 210 275, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays).
Your Mortgage Statement and Certificate of Mortgage interest for the period after you transferred to AIB will be issued to you in the coming weeks. You will need both Mortgage Statements and Certificates of Interests from the period your mortgage was with Ulster Bank (for 2022 and up to 21st July 2023) and AIB (from July to December 2023) in order to claim the total interest tax relief available to you for the year 2023.
Am I entitled to claim this tax credit?
An individual will be entitled to claim the MITC for the 2023 tax year where they:
- Paid interest on a qualifying loan in the years 2022 and 2023.
- The interest on the qualifying loan increased from 2022 to 2023.
- The outstanding mortgage balance on 31 December 2022 was between €80,000 and €500,000.
- The property (situated in the State) was his or her principal private residence.
- Local Property Tax obligations in respect of that property are satisfied.
The amount qualifying for relief at the standard rate of tax, 20%, is capped at €6,250 per property. This is equivalent to a maximum tax credit of €1,250.
I redeemed my mortgage in 2023. Can I still claim this tax credit?
Yes, you will still be able to claim your tax credit. Where interest has been paid for less than a full year in 2023, an adjustment is required so that your claim can be assessed on a pro rata basis.
For full details on how to calculate this, please visit Revenue.ie
Customers who redeemed their mortgage in 2023 will need to request a Certificate of Mortgage Interest by calling our Customer Service Team on 0818 251 008.
For all other information relating to the Mortgage Interest Tax Credit, please visit Mortgage Interest Tax Credit on Revenue.ie.
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