If you have a mortgage prior to 2013, you will pay less on your tax return.

In the midst of the income tax season and with rising tax pressures, any savings are a welcome sight for families. If you have a mortgage applied for before December 31, 2012, you are entitled to a €2,000 income tax deduction. Any subsequent mortgage does not qualify for this tax savings.

The aforementioned 2,000 euros are not directly subtracted from the income or are returned to us, but this amount is subtracted from the total income we have obtained to arrive at the final taxable base. The corresponding IRPF percentage is applied to the result of the income less the withholdings, expenses and deductions (such as the mortgage).

There are several deductions, and they vary depending on the autonomous community. In Catalonia, only two remain, apart from the one mentioned above: home renovation and rental as a primary residence, but with so many requirements, exceptions, and limits that they will affect a tiny percentage of the population. By way of comparison, the rest of the country has an average of seven deductions, and they are as diverse as gym membership fees. Not only are the personal income tax percentages higher in Catalonia, but the tax savings options are also more limited.

Returning to the topic at hand, mortgage tax relief should be reintroduced. It was in place during a period of high Euribor, when the interest paid by families had a significant impact on their pockets, and this relief helped offset it. Interest is still an expense. This relief was eliminated once the Euribor fell (which makes sense, since interest was no longer being paid), but considering the current Euribor level, which doesn't seem likely to fall much further, it would be worth reinstating it, and this would ease families' expenses.