Repayment of TRS

W

Wonderwol

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Hi

Just wondering if anyone can help with this query.

Our TRS has just come through from the Revenue and we are owed 5 months relief backdated to December. We have been on to our bank and they are refusing to pay the backdated amount (€1,083.34) in one lump sum directly to our current account, instead they have decided to pay us over the next 8 months. We have argued that as the mortgage had been paid in full each month from our current a/c then we are entitled to be reimbursed the full amount immediately and not over a period of 8 months.

A collegue in work has just been on to her bank and that's what they do (i.e reimburse the full amount into her account). Does anyone know if it is up to the discretion of each individual bank as to how this backdated relief is paid.
 
In any circumstance I've seen any current year TRS backdated is generally paid on one go. Remember it isn't the bank thats paying you, its Revenue VIA the bank. If Revenue have refunded the amoun to the bank in one go then you should get it in one go. Note also that if any part of the claim goes back beyond the start of the current year you have to do a claim direct to Revenue for that to TRS section in Limerick.
 
Hi

Thanks for reply so quickly. Yes we have been on to the Revenue and the money has been refunded to the bank in full. We have also applied seperately for the TRS in relation to December '06.

We have had this problem before, in that the refund was allocated directly against our mortgage loan and we never got a penny directly, we ended up closing all our accounts with one bank and switching to another. Can't believe it's happening again with a completely different institution TBH.

I think I'll put a call into the Financial Regulator and see if we have a case.
 
Just an other note on this, AFAIK the monthly TRS normally goes into the "feeder" account that the mortgage repayment comes from ,i.e. your current account or whatever account the repayment is taken from and I would therefore expect that in this case the same should apply. Revenue specifically state that on back year claims you must supply them with the "feeder" account number and the refund goes direct there so I should expect the bank to do the same. If they have taken it against the mortgage itself I would indeed check with the Fin Regulator to see if the bank have broken any rules there. I do know however that some institutions take the monthly mortgage repayment "net of TRS" and maybe this is why they have done this to you.
 
Graham_07 said:
Just an other note on this, AFAIK the monthly TRS normally goes into the "feeder" account that the mortgage repayment comes from ,i.e. your current account or whatever account the repayment is taken from and I would therefore expect that in this case the same should apply. Revenue specifically state that on back year claims you must supply them with the "feeder" account number and the refund goes direct there so I should expect the bank to do the same. If they have taken it against the mortgage itself I would indeed check with the Fin Regulator to see if the bank have broken any rules there. I do know however that some institutions take the monthly mortgage repayment "net of TRS" and maybe this is why they have done this to you.
Click to expand...

Our monthly amount was the full amount before trs was calculated or deducted.

Yes it would be our current a/c.

I have emailed the Financial Regulator so will see what they have to say. Will kepp you posted and thanks again for the feedback!
 
Wonderwol,

I had this precise situation earlier in the year, and was very annoyed to find that the bank was repaying the four months or so of TRS averaged over the balance of the year. I called Revenue to ask whether I was entitled to demand return of the backlog in a lump sum, and they informed me that it is at the discretion of the bank to decide how it does so.

I took it up with my local branch - for cash flow purposes, it really didn't suit me to wait around for that kind of money - and although they tried to have the backdated sum refunded, they were told that the system is set up in a way that leaves no flexibility.

In my view, it constitutes sharp practice, but if Revenue won't call them on it, I'm not sure the regulator will either.
 
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