Tax Relief at Source

[FredoR]

My wife and I used to get tax relief at source as first time buyers when we bought in 2008. Went deep into negative equity but managed to move late last year, still carrying huge debt, but with two kids still in crèche we’re still being hammered financially.

Does anyone know if the tax relief at source might still apply in such cases ?

Thanks,
Rob

 

[Mackemdub]

as far as i know the lenders are advised by revenue if TRS is due and then they apply as appropriate, so maybe check with your bank.

we also bought in 2008, as FTBs and are in same house, we are still getting TRS but it dropped (SUBSTANTIALLY!!) from €500p/m to €150p/m on 1/1/15 (i.e. after first 7 years, this is now equivalent to the non FTB ceilings until end of 2017). i'd say if you're still due TRS, it would be based on the lower ceilings so won't be worth as much as you're likely hoping for.

this no FTB rate is 30% of interest paid with annual ceiling of €3,000 (single) / €6,000 (married/joint) - so max relief of €75 or €150p/m depending on married status - ceilings in first 7 years for FTB were €10k / €20k which was €250 / €500p/m max