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Amendment of section 244 of Principal Act (relief for interest paid on certain home loans)
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6. Section 244 of the Principal Act is amended—
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(a) in subsection (1)(a) by substituting the following for the definition of “qualifying interest”:
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“‘qualifying interest’, in relation to an individual and a year of assessment, means—
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(i) as respects a year of assessment before 2018, the amount of interest paid by the individual in respect of a qualifying loan,
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(ii) as respects the year of assessment 2018, 75 per cent of the amount of interest paid by the individual in respect of a qualifying loan,
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(iii) as respects the year of assessment 2019, 50 per cent of the amount of interest paid by the individual in respect of a qualifying loan, and
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(iv) as respects the year of assessment 2020, 25 per cent of the amount of interest paid by the individual in respect of a qualifying loan;”,
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(b) in subsection (1A)(b) by substituting “2020” for “2017”,
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(c) in subsection (2)(a)(ii) by substituting “2020” for “2017”, and
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(d) by inserting the following after subsection (10):
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“(11) For the purposes of the application of this section, the definition of ‘relievable interest’ in subsection (1)(a) has effect as if—
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(a) in subparagraph (i) of that definition—
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(i) as respects the year of assessment 2018, ‘€4,500’,
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(ii) as respects the year of assessment 2019, ‘€3,000’, and
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(iii) as respects the year of assessment 2020, ‘€1,500’,
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were substituted for ‘€6,000’,
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(b) in subparagraph (ii) of that definition—
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(i) as respects the year of assessment 2018, ‘€2,250’,
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(ii) as respects the year of assessment 2019, ‘€1,500’, and
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(iii) as respects the year of assessment 2020, ‘€750’,
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were substituted for ‘€3,000’,
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(c) in subparagraph (iii) of that definition—
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(i) as respects the year of assessment 2018, ‘€15,000’,
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(ii) as respects the year of assessment 2019, ‘€10,000’, and
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(iii) as respects the year of assessment 2020, ‘€5,000’,
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were substituted for ‘€20,000’, and
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(d) in subparagraph (iv) of that definition—
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(i) as respects the year of assessment 2018, ‘€7,500’,
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(ii) as respects the year of assessment 2019, ‘€5,000’, and
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(iii) as respects the year of assessment 2020, ‘€2,500’,
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were substituted for ‘€10,000’.”.
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