Mortgage Interest Relief Confused?

F

fatboyPee

Registered User
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Really sorry if this has been covered elsewhere.

I have a mortgage since April 2004. I claimed TRS and got a good bit of tax back for years 2005,6,7,8. In 2009 my statement shows TRS. In 2010 and 2011 it does not.

Looking on the revenue website I think TRS is still available to me for 7 years: 2011 ?

I'm a bit confused as on Revenue online, 2010 says "Claimed" and a value of €0
and in 2011, the TRS entry is not even there.

So can anyone please clarify if I am entitled ? Before I go ringing revenue people up ?

Nothing special about the mortgage, no top ups, standard straight out of the box mortgage held since 2004.

Thanks

FBP.
 
If you bought in 2004 your 7 years TRS was up in 2010. 2004 - 2010 inclusive is 7 years.
 
I though the government extended the interest relief to 2017 for those FTB's that bought between 2004 and 2008. Also, I think they increased the relief from 15% to 30% from 2012 - 2017.
 
Ah, ok. Thanks.

But in that case, relief still applied in 2010 ? I can understand no 2011 but nothing in 2010 ?

Thanks

FBP.
 
Not related to the last question but I am also confused about my TRS.
I bought my house in 2006, my mortgage is €158k, interest about 4.8% so about €7,500pa

Should the new TRS be 30% of this (€187pm) ? My new statement from EBS shows it to be €78pm, which is lower than what it was last year.
 
Hi Vicki,

We bought our house in 2005 which means we've used up the most beneficial 7 years of TRS and our interest cap has dropped to 6k maximum for 2012. So if you've bought in 2006, you're in your final year of having the significantly larger interest cap of 10k for a single person and 20k for a married couple, if I'm not mistaken. Your TRS should indeed be 30% of your monthly interest charge. This is subject to EBS having been instructed to increase the TRS to 30% by the government. PTSB told me last week that they hadn't yet received this instruction.
 
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