Finance Bill measures signal hope for homeowners and lower paid - McFadden

Deputy Nicky McFadden has said the publication of the Finance Bill signals hope for homeowners and lower paid workers.

Speaking during a debate in the Dáil recently, Deputy McFadden said the measures in the Finance Bill are focused on improving Ireland’s economy, creating a strong environment for jobs and ensuring fairness, while at the same raising revenue for the State.

“There are serious indications that the economic outlook is improving. GDP has increased by 0.7 per cent in the first three-quarters of last year. The IDA reported a record number of new investments won last year, with exports increasing by almost 4.5 per cent in the first nine months of 2011. Food and drink exports increased by 25 per cent in 2011,” Deputy McFadden said.

“Maintaining a functional property market is hugely important, not only in terms of the overall economy, but also for the well-being and stability of homeowners. One particular measure I greatly welcome, and which I am sure will also be welcomed by many young families across Longford and Westmeath, is the increase in mortgage interest relief to 30% for first-time buyers who purchased their homes between 2004 and 2008.”

“Negative equity has been a cause of serious worry and financial difficulty to households across the country and this Bill delivers on the Government’s commitment to assist those in negative equity. First time buyers who bought in 2008 will also be entitled to mortgage interest relief, even if they did not start paying interest on their loan until 2009,” Deputy McFadden said.

“Another positive action is the increase in the Universal Social Charge exemption threshold from €4,004 to €10,036. This change will benefit 330,000 workers across the country. A USC property relief surcharge of 5 per cent will apply to property investors where their income is over €100,000.

 

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