TRS not changed to 30%

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becky_1979

Registered User
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Got my notice of TRS credit letter from Ulster Bank yesterday, and to my dismay it hasn't been changed to the new 30% rate (bought my house in 2008)

Has anyone else noticed that their rate hasn't been adjusted yet?
 
Same here.

If it's anything like the last time the government changed the TRS rates they may take up to 6 months to get their act together and apply the correct rate.
 
I rang the revenue last dec and she said it could take until feb or march but you will get it back. i got my letter from halifax and my trs has dropped by €75
 
Mine is usually around €90 a month (bought at the end of 2005) and today it was €75.

Is this likely to be a mistake that will get rectified or have I misunderstood how it works?
 
I got a letter in December saying my relief was going up to €125 per month. I built in 2004. The €125 equates to relief at 25%. I rang the Revenue and they said the computer is not set up for 30% and this would take a few months and that I would be getting another letter with an increased relief of 30% along with whatever relief was owed while on 25% rate. My relief whenever its sorted will be €150 per month alot better than the current €75 that I was getting.
 
I bought at the end of 2008 but have received no letter from the bank or Revenue indicating a rate change
 
This might help
thejournal.ie/mortgage-holders-told-to-ensure-new-interest-relief-is-applied-320770-Jan2012/
 
Oscaresque said:
Mine is usually around €90 a month (bought at the end of 2005) and today it was €75.

Is this likely to be a mistake that will get rectified or have I misunderstood how it works?
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€90 per month in 2011 suggests that your annual interest bill was €5,400 and you were getting 20% relief (the old rate) on the entire amount (Total interest is capped at €10k in years 1 to 7).

If your annual interest bill is still €5,400 in 2012 , the max on which TRS is paid is €3,000 per annum as you are now in year 8 of your mortgage. You'll get 30% of the €3,000 or €900 p.a. which equals €75pm.
 
Just rang the bank and it seems the 30 % relief hasnt come into affect yet. They are expecting it sometime this year but they dont know when ?. Wierd.
 
selfbuilder said:
I got a letter in December saying my relief was going up to €125 per month. I built in 2004. The €125 equates to relief at 25%. I rang the Revenue and they said the computer is not set up for 30% and this would take a few months and that I would be getting another letter with an increased relief of 30% along with whatever relief was owed while on 25% rate. My relief whenever its sorted will be €150 per month alot better than the current €75 that I was getting.
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Thanks selfbuilder - Just got mine for January and it appears to be at 25% for now as well
 
I got this response from Revenue

The December 2012 Budget stated that from 1st January 2012 the rate of mortgage interest relief for first time buyers who took out heir first mortgage on their home between the years 2004 to 2008 [inclusive] and are residing in that home increased to 30% until 2017.
As Revenue TRS systems need to be updated to reflect the change the 30% TRS rate will not apply currently, any missed mortgage interest relief at the 30% rate will be backdated when the update is implemented.
 
spreadsheet said:
Hope we get interest on that. At Revenue rates, of course :)
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I called up Revenue about it after the last change and my bank taking 4 months to apply the changed rate. Was told that it's up to the bank and as long as the fill amount of TRS is credited in the calander year then all is well as far as Revenue is concerned.
 
A quick question, we took out our first mortgage in 2005, then sold and bought another house in 2008. Will we get the increased rate? Thank you in advance
 
Following a query last week re. new TRS rate I received this response from my lender:

"With regard to the increased TRS rate, this systems change is currently in the development stage. Revenue have published a specification file detailing the changes required to the TRS systems, however, testing must be completed by both Revenue and the bank in respect of these changes before they can be implemented. It is expected that customers will start receiving TRS based on the new rates with effect from March/April 2012. This is the case with all of the Banks. Qualifying customers will still receive their increased TRS entitlement for the whole year of 2012, however, it will be spread across the period from the date of the systems change to 31/12/2012."
 
A three month project to implement the following changes to the system?

http://www.citizensinformation.ie/e...e/buying_a_home/mortgage_interest_relief.html
Changes in Budget 2012

Budget 2012, which was announced in December 2011, changes the rules on mortgage interest relief as follows:

  • First-time buyers in 2012 will get mortgage interest relief at a rate of 25% for the first 2 years, reducing after that
  • Non-first-time buyers in 2012 will get mortgage interest relief at a rate of 15% from 2012 until 2017
  • A special rate of 30% for the tax years 2012 to 2017 is introduced for first-time buyers who took out mortgages in the years 2004 to 2008
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Nice work if you can get it!
 
FYI KBC have now made the TRS adjustment, I received Jan & Feb amount for Feb. Its not a lot (11€ PM) but hey I will take it thank you very much :)
 
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