Last October we fixed again for another year at 5.3%
Er...ranger. is your mortgage fixed or variable
I'm on ECB tracker with UB.
You should have 7 full years or 7 x 12 = 84 months of FTB TRS as far as I know.I could be way off here, but the something similar happened me this month and I discovered that 2000 (i Think) counted as 2 tax years and my period as a first time buyer is now expired and the ceiling on my relief has been dropped. Would it be this?
I could be way off here, but the something similar happened me this month and I discovered that 2000 (i Think) counted as 2 tax years and my period as a first time buyer is now expired and the ceiling on my relief has been dropped. Would it be this?
See here.I think that TRS is calculated over 7 tax years (same as calender years) rather than 7x12 month periods.
If it was calculated on tax years only then anybody who happened to span the short tax year during the transition to an aligned tax and calendar year would be penalised compared to those who did not. I doubt that this is the case.
The higher limits for first-time buyers, apply for the tax year in which the mortgage is taken out plus six subsequent tax years.
Ok, I am gonna give my two pence if I may.
Am gonna work on an example,
Someone who drewdown down their mortgage in Aug 07 and claimed tax relief would receive a full year's tax relief in those five months.
Entering into a new year 2008, their tax relief is calculated over the twelve months which would reduce their TRS and increase their mortgage repayments.
That's my understanding of it, hope it makes sense.
Where are those people in the Revenue who can answer these questions...?...
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