Morgtage Relief & Rural Renewal

[Bilzer19]

I have just purchased a house that qualifies for Rural Renewal Tax Relief. Also I am entitled to Moftage Interest Relief.
Considering the time of year would it be advisable for me to wait until January to draw down the morgtage.
The reason I ask is I am led to belirve that the tax relief is given for the calender year and I would only be entitled to the tax for the remaining weeks of the year but if I wait until January I get the benifet of the full year. I this correct?

 

[Colndas]

You receive tax relief for a period of 7 years from the date of first payment on the mortgage. It is limited to 7 years and if not affected by the time of year that you draw your mortgage down.

 

[NorfBank]

You receive tax relief for a period of 7 years from the date of first payment on the mortgage. It is limited to 7 years and if not affected by the time of year that you draw your mortgage down.

Are you sure this is true Colndas? AFAIK the OP is correct - it is best to drawdown in January in order to maximise TRS.


[broken link removed]

 

[Colndas]

Norfbank you are of course correct. My sincere apologies, got my wires crossed, it is on calendar year basis not a twelve month rolling.