Petition Reintroduce mortgage allowance on personal tax
Revenue Jersey has phased out the mortgage allowance on personal tax assessments. With the increase of Bank of England base rates, this allowance is needed now more than ever to give much needed financial relief for home owners paying high mortgages.
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In 2017 the loan interest relief started being phased out. At the time the BoE base rate was between 0.25% and 0.50% and the economy was in a different place.
Fast forward to 2025, the reality is quite different. BoE is currently 4.25% and the loan interest tax relief should be reviewed to reflect the current economy.
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This petition will be considered for debate by the States Assembly