Mortgage interest reductions for residential property

Published on: 10 March 2025

Question type: Written

Asked by: Philip Ozouf

Reference: WQ.89/2025

Answered by: Minister for Treasury and Resources

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WQ.89/2025

WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES

BY DEPUTY P.F.C. OZOUF OF ST. SAVIOUR

QUESTION SUBMITTED ON MONDAY 3rd MARCH 2025

ANSWER TO BE TABLED ON MONDAY 10thMARCH 2025

Question

"Will the Minister state the total amount of interest tax relief provided for mortgage holders for residential property for the tax years 2022, 2023, and the most recent figures available for 2024, broken down by relevant tax bands?"

Answer

Mortgage interest tax relief is only available to taxpayers who benefit from marginal relief. For each of 2022 and 2023, the cost of mortgage interest tax relief was £9m. Revenue Jersey are unable to release figures for a year of assessment until assessments are completed for all returns.