Tax relief at source change?

[pablohoney]

Hi.got a letter from ebs today advising me that my tax relief on my mortgage has gone from €250 to €75 at the advice of revenue. I bought my home in 2007 which is my first and principal residence.is this correct!?should I not be entitled to 30% until 2017 as of budget 2012. I'm extremely worried as was not expecti g this

 

[emeralds]

You are now in the 8th year of your mortgage. The TRS ceiling has dropped from 30% of €10,000 to 30% of €3,000.

 

[finlma]

The same thing happened to us but we bought our primary residence in 2008 so I thought my TRS should be the same this year as last. I know the ceilings change but I think mine has changed a year too soon.

 

[pablohoney]

Even though I bought my home in nov 2007??does it go by calendar year rather than 7 full years

 

[finlma]

It does go by calendar year. In 2007 your full yearly TRS would have been split over 2 months (Nov, Dec) while the remaining years would have been split over 12 months. If you look back you'll probably see that your repayments in 2007 were less that those in 2008.