Could I be recieving too much TRS?

A

Akashla

Guest
I have been a lurker on these boards for quite a while, but now have a question that I can't find answered in a previous post.My boyfriend and I bought a house together in May of this year. We're both FTB's. We applied online for TRS as soon as possible and the TRS has come through in time for our 2nd mortgae repayment. Our mortgage is a 35 year, 5yr fixed rate mortage for 250,000. Our monthly payments are just under 1,150. But our TRS was over €750! That seems too good to be true! Is it normal to get more back at the beginning?Do i need to contact the revenue to check?Or should i leave it alone and see what happens next month?If anyone could shed some light on this i would really appreciate it.
 
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Re: TRS Question

That indeed does seem too good to be true.
Here are the [broken link removed] re tax relief at source.
Perhaps you got 2 months in one, if you got no TRS last month? The number is still too large though.
I wouldn't suggest you wait until next month to see what happens however.
Best to ring Revenue 1890 46 36 26
Nicola
 
Sorry ClubMan...
NicolaM, i did not receive any TRS last month, this is the first time I have received it.Butour first morgage repayment was the beginning of June, this is the second time it's been due.
 
That seems like way too much, even with one month back dated. My mortgage repayments are a good bit higher than yours and I get nowhere near 375 a month. God, how I would love that......

Best to call the Revenue.
 
when we bought our property mid-last year we received a full years TRS. Revenue explained that this was the method they use to simplify calculations, otherwise the FTB TRS would end mid year after 7 years etc (or words to that effect).. so perhaps it works out as 6 months TRS??

ring Revenue - i found them very helpful
 
I have a similar mortgage and recieve 333 per month. I presume you got two months of trs!
 
blanc said:
I have a similar mortgage and recieve 333 per month. I presume you got two months of trs!
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How is TRS calculated? Our mortgage repayments are €1800 per month and we recieve €290 in TRS? Does that sound right?
 
Newbie! said:
How is TRS calculated? Our mortgage repayments are €1800 per month and we recieve €290 in TRS? Does that sound right?
Click to expand...

It's calculated on the interest, not the repayment. It also depends on whether or not this is your first home, or whether or not you're within seven years of buying your first home.
 
I could be wrong here but I am guesing you are receiving a "higher" level of monthly TRS because you started your mortgage so late into the tax year. You are entitled to a full year’s TRS(subject to the total amount of interest you pay) no matter when you start your mortgage during the year. For example, if you paid €10,000 or more in interest between the day you started your mortgage (June 1st) and the end of this year, as a FTB you would be entitled to the full annual TRS amount of €2,000(10,000 x standard tax rate of 20%) per person. This would work out at €285 per person per month (€2,000/7 months). However, come next year, your €2,000 TRS will be spread over the full 12 months, hence your monthly TRS will reduce to €166 per month per person. I would check it out with Revenue to be sure but it sounds like you are receiving the correct amount. The €750 probably includes 2 months TRS. Hope this helps and you get to enjoy an extra bit of €€!
 
Does anyone know how the seven year rule works? We just applied for TRS and are also applying for backpay. I filled in application form and gave all information. I called the other day and was told that we are entitled to €333 per month, i.e. the first time buyer rate, but neither my husband nor I were ftb's when we bought our home. We had both owned homes previously - I bought my first apartment about 5 years ago.

Are we still entitled to the ftb rate, even though we bought and sold properties before buying our home?

Thanks.
 
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