The Finance Bill gives effect to the extension of mortgage interest relief for first-time buyers until the end of 2017, which was announced in the budget.

Qualifying mortgage holders whose entitlement to mortgage interest relief ends in 2010 or after will continue to receive the relief at the applicable rate until the end of 2017. Previously, entitlement to the relief expired after seven years.

Qualifying loans taken out before December 31st, 2011, will continue to get relief at the current rates until the end of 2017, while transitional arrangements are provided for qualifying loans taken out after December 2011 and the end of 2012. The relief will be provided at reduced rates for shorter periods in these instances.

Mortgage interest relief will be abolished entirely for the tax year 2018 and thereafter.

Several reliefs were abolished. From 2012, relief on service charges such as waste removal will no longer be available, with charges paid in 2010 eligible to be claimed against tax in 2011. Relief had been available at the standard rate for a maximum of €400.

The relief available to owners of significant buildings and gardens who are passive investors is to be abolished, effective from this year, although a transitional phasing out period will apply.

Other reliefs to be removed include property gifts to the State, the benefit-in-kind exemption for employer-provided art objects, capital allowances for childcare facilities and relief for long-term care policies.