TRS after year 7?

I

irishguy

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Do you get TRS after year 7 as a FTB? I taught you didnt, but this page seems to say you do:

[broken link removed]
 
You can still get TRS but it's up to an interest ceiling of €3k (as opposed to €10k for an FTB). See relevant Revenue site for details.
 
I always though it was up to 7 years! Did this change in the last budget?

I still not clear on this,
I'm a married FTB, so according to the revenue link above, I get 4k per annumn for 7yrs(which I do at the moment).
Then after 7yrs, I'm no longer a FTB and move to the lower "Others" rate of 1.2K per annumn.
This continues until the life of my mortgage or until the gov change it in a future budget?

Was this Others rate added in the last budget?

Thanks
 
I am now in year 8 of my mortgage and I appear to be getting a standard €50 per month.

I assume this is the maximum that you can get after your initial 7 years?

I also have, in another thread, advocated that TRS is only available for the first 7 years. That is, I would be willing to forego this €50 per month to help out. I think if everyone gets 7 years of relief then they should be well enough settled to give up the €50 each month.

Any thoughts? I wonder how much this would save the Gov?
 
just be warned that when your bank rectifies the last budget changes to your trs being applied to you, that the maximum you will be allowed per month is 37.50 per month.
rmcf this will affect you as any overpayments that have been made to you will reduce the remainding payments.
so 450 max per person on the 3000 ceiling rate. (which is 15%)
so as you more than likely have had 2x50 already this will reduce your remainder for the year at 350.00 / 10 which will = 35.00 per month
that if they changed it for the march payment.

and panindub its been there i think for a good few years at least back to 2002 ( i am open for correction)
 
rameire said:
just be warned that when your bank rectifies the last budget changes to your trs being applied to you, that the maximum you will be allowed per month is 37.50 per month.
rmcf this will affect you as any overpayments that have been made to you will reduce the remainding payments.
so 450 max per person on the 3000 ceiling rate. (which is 15%)
so as you more than likely have had 2x50 already this will reduce your remainder for the year at 350.00 / 10 which will = 35.00 per month
that if they changed it for the march payment.

and panindub its been there i think for a good few years at least back to 2002 ( i am open for correction)
Click to expand...

Thanks for the info.
 
Hi All

Was just reading this thread with interest and discovered that I've never received the higher rate of ceiling as a FTB (first house bought in 2002 so now in eight year). Called TRS office and they confirm that I was never treated as a FTB. Can I claim back any of this relief i.e. the difference between the higher and lower level of relief. Also I heard that it can only be claimed back as far as four years so I guess thats 2005, 2006, 2007 and 2008. Can anybody throw any light on this? Thanks :)
 
12. How do I claim for previous years?

The Finance Act 2003 introduced a new time limit for claiming tax repayments. From 1st January 2005 the overall time limit is being reduced from 10 years to 4 years. Claims made on or after 1st January 2005 will be subject to the 4-year time limit.
Click to expand...

Looks like you can claim back four years? Perhaps someone can confirm this?
 
Thanks for the quick reply. Just did a few calculations using the links provided in the thread - could anybody take a look at these to see if I'm correct in my figures? If this is the case I could be due back just under €3K - Is this right?? Best news I've had all day if so!!

Year 2005
Paid €6,922.15 in interest
Received 2,540 @ 20% = €508
Higher Rate Should be €4,000 @ 20% = €800
Difference €292

Year 2006
Paid €9,716.63 in interest
Received 2,540 @ 20% = €508
Higher Rate Should be €4,000 @ 20% = €800
Difference €292

Year 2007
Paid €13,703.35 in interest
Received €3,000 @ 20% = €600
Higher Rate Should be €8,000 @ 20% = €1,600
Difference €1,000

Year 2008
Paid €14,754.95 in interest
Received €3,000 @ 20% = €600]
Higher Rate should be €10,000 @ 20% = €2,000

TOTAL DIFFERENCE OVER 4 YEARS €2,984.00

Thanks for your help with this guys - am new to AAB
 
Just a note to say thanks for the advice on this - just this morning €1,700 was refunded to my bank account for last 4 years underpayment of TRS!!! Would never have thought to check if I hadn't read this thread.
 
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