Mortgage Relief clashes with Rental credit?

[sarahfleming]

I have just found out that I am not entitled to the rental credit as I already have Mortgage relief. Is this correct? I took out a mortgage to assist in the purchase of the family home. I rent as I dont live at home as my employment is elsewhere. I believe this to be unfair as I am making nothing out of having a mortgage as it went into the family home and I have to rent to keep my job. Both are high outgoings and I have only the mortgage relief coming back to me. Is this right and fair???

 

[ClubMan]

Mortgage interest relief is owner occupier mortgage interest relief. If you are not an owner occupier then I don't see how you can claim it. But you can claim the rented accommodation tax credit. Conversely if you are an owner occupier then you should be able to claim interest relief but not the rented accommodation tax credit. As far as I know it's correct that you cannot claim both because your PPR is either the mortgaged property or the rented accommodation - it cannot be both simultaneously. And that seems fair enough to me.

 

[mathepac]

...it cannot be both simultaneously. And that seems fair enough to me.

That is my understanding as well. I did have both briefly, but this was an oversight on Revenue's part which was soon corrected.

 

[sully]

Hi there,

I was told a while ago that i can only claim Mortgage interest relief. Even though I rented a house for the first couple of months of the Year and then bought a house. So we didn't Live in the Rental property and Bought property simultaneously ie we lived in them one after the other and not at the same time. I thought we would be eligible to Claim both Rental relief and Mortgage TRS.

So revenue says that you can't claim Rental relief and Mortage TRS in the same TAX year( Mortgage TRS is considered to occur over the Full year)!! Its a bit lousy but that's the way it goes.