Mortgage TRS

[corruptbankster]

Hi guys

Is mortgage TRS (tax relief at source) being phased out from first Jan 2018?

Thanks

 

[Sarenco]

Is mortgage TRS (tax relief at source) being phased out from first Jan 2018?

Yes - the details should be announced in the upcoming budget.

 

[MrEarl]

That's a real shame....

TRS was a good method of giving assistance to mortgage holders, while not influencing the ability to borrow or drive house prices up (unlike, eh lets say a €20k grant for example).

 

[bren1986]

Yes - the details should be announced in the upcoming budget.

I thought they are thinking of extending it until 2020? Is that dead in the water now?

 

[Codogly]

They'll just reduce the % each year between now and 2020 ... keep it simple and easy to calculate the cost savings. That way they don't upset to many voters.

 

[Sarenco]

I thought they are thinking of extending it until 2020? Is that dead in the water now?

The OP asked whether mortgage interest relief (MIR) was being phased out from the start of 2018. The answer to that question is yes, MIR is being phased out from the start of next year.

Currently, Section 244 of the Taxes Consolidation Act 1997 provides for tax relief in respect of interest paid on qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, with relief being available until 31 December 2017. Mortgage interest relief was abolished for homes purchased on or after 1 January 2013.

However, there is a commitment in the Programme for a Partnership Government to extend mortgage interest relief (MIR) beyond the current end date (2017) to 2020 on a tapered basis and the details are due to be announced in Budget 2018. There are a number of different ways that the relief could be tapered post-2017.

 

[corruptbankster]

Thanks for the responses folks. I will await budget and see what develops.