another TRS Q.

R

Rubypenny

Registered User
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I just drew down my mortgage and my first payment is
tomorrow. Now I don’t have the keys for my new place yet.
The reason I got the cheque earlier is because I was going
To lose my tracker rate from the bank. Plus delays in getting
My apt buying A/H apt.

Right I just rang the Revenue and it turns out that I will only
Get TRS for Nov & Dec and this is consider year 1, so I lose
10 months first time buyer tax relief. Then I am onto my 2nd year.
Is anyone else in the same position if so had anyone appealed to
the Revenue??
 
Do you not get a full year's TRS divided by 2 (for Nov & Dec)? Check with Revenue, as this is how it worked for me.
 
Hi Stephnyc

thanks for reply.
I have rang the Revenue 3 times and have spoken to 3 different people and have got 3 different answers. no joke.
 
this is correct, it doesn't matter which month you draw down your mortgage it is counted as full year towards calculations
 
Thankyou Dublinli that makes things a lot clearer, if they had just put it like you did i would have understood. thanks agian.
 
brazen_dude said:
you only get TRS relief on the interest you pay in that year... no matter its 1 or 12months
Click to expand...

so i will only get interest for Nov/Dec. and that is considered year 1 for TRS. Am I right in saying that?

I did ring the Rev up and got 3 different answers, that was one of them, the other was that i would get the full 12mts and the third said that i won't be getting it until next year.
 
It probably will be next year by the time you get TRS as it takes about 8 weeks to get it. But your first TRS payment will be backdated to your first payment on the mortgage.
 
And yes, you're right. Eevn Just Nov / Dec is considered one full year for TRS purposes.
 
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