Progress of Miscellaneous Fiscal Provisions Act 2014
The State Secretary for Finance has submitted the memorandum in response to the report and a second memorandum of amendment of the Miscellaneous Fiscal Provisions Bill 2014. The memorandum of amendment rectifies two minor errors, without affecting the proposed legislation in a substantive sense.
The State Secretary in the memorandum in response to the report confirms that the Cabinet has no intention of overhauling the home ownership scheme, which he admits is complicated, but this is offset by the considerable simplification over the past years of the mortgage market. The new regulations have left tax payers who are keen to use the interest on their home loan for tax relief little choice. According to the State Secretary, the dissemination of information is sufficiently comprehensive to ensure that tax payers should be amply informed of how the tax rules and the consequences thereof should affect their personal situation. What the housing market needs first and foremost is stability and clarity on the tax treatment of owner-occupied dwellings.