(1) As respects the year of assessment 2002 and subsequent years of assessment, the Principal Act is amended in Chapter 3 of Part 8 by the insertion of the following section after section 244:

"244A. Application of section 244 (relief for interest paid on certain home loans) of Principal Act.

(1)

(a) In this section -

(i) 'qualifying dwelling', in relation to an individual, means a qualifying residence situated in the State;

'qualifying lender' has the meaning assigned to it by subsection (3);

'qualifying mortgage interest', in relation to an individual and a year of assessment, means the qualifying interest paid by the individual in the year of assessment in respect of a qualifying mortgage loan;

'qualifying mortgage loan', in relation to an individual, means a qualifying loan or loans secured by the mortgage of freehold or leasehold estate or interest in a qualifying dwelling, and

(ii) 'appropriate percentage', 'qualifying interest', 'qualifying loan', 'qualifying residence' and 'relievable interest' have the same meanings, respectively, as they have in section 244.

(b) This section provides for a scheme whereby relief due under section 244 shall, in certain circumstances, be given by way of deduction at source ('the tax relief at source scheme') under subsection (2)(a) and in no other manner.

(2)