TRS Calculation

[Aimee]

Hi guys,


I have checked previous threads and have checked Revenue site but I seem to be getting myself in muddles!!

I am married, I purchased my first house in 1999 therefore am not a FTB, my husband purchased his first house in 2003 therefore is still a FTB!

Up to December we were getting approx €240-00 TRS and for the last couple of months we appear to be getting €120-00.

So, if I calculate :-

Mr Aimee 10,000 @ 20% = 2000
Aimee 3,000 @ 15% = 450
--------
2450-00 €204-17 per month

Am i missing something here???

 

[Aimee]

ok ok i think i have it

if we pay a total of approx €12,000-00 interest in 09


Mr A - €6,000 @ 20% - 1200
A - €3,000 @ 15% - 450

Total €1650-00 / 12 = €137-50

so it looks like the calc is ok ??

 

[Lou34]

If Mr Aimee first bought in 2003 then he should still have one more year (2009) as a FTB i.e. 7 years in total.

So calculation based on interest payment of €12,000 for 2009 should be

Mr Aimee €10,000/20% €2000
Aimee €3,000/15% €450

So total TRS each month should be €204.16. Unless he has lost his FTB status because you are now married? Perhaps somebody else can confirm this? Where are you getting the figure of €6,000 for Mr Aimee?

 

[Aimee]

If Mr Aimee first bought in 2003 then he should still have one more year (2009) as a FTB i.e. 7 years in total.

So calculation based on interest payment of €12,000 for 2009 should be

Mr Aimee €10,000/20% €2000
Aimee €3,000/15% €450

So total TRS each month should be €204.16. Unless he has lost his FTB status because you are now married? Perhaps somebody else can confirm this? Where are you getting the figure of €6,000 for Mr Aimee?

Hi Lou,

thanks for your reply. I thought perhaps the interest paid was halfed as I am a non FTB and he is a FTB - so if we pay €12,000-00 it is split in two! I guess I got that totally wrong! I thought I had a grip on this before but I am just totally confused now!

I see reference to some banks not giving the correct TRS and that same has to be sorted out - could we be affected by this? We are with AIB.

And finally, if the figure does appear to be incorrect who should I contact AIB or Revenue?

Thanks a mill for coming back to me - I keep talking myself into its right, its wrong so finally decided to post for help

 

[Lou34]

Hi Aimee

I would give TRS a ring 1890 463 626. They're pretty helpful. Ask then for a breakdown of the interest paid each year and also what you were allowed each year by way of TRS relief - I think it might be easier to work out this way. If I'm correct (!) Mr Aimee should still be getting 2009 at the 'uplifted' rate.

 

[rameire]

Hi Lou,

thanks for your reply. I thought perhaps the interest paid was halfed as I am a non FTB and he is a FTB - so if we pay €12,000-00 it is split in two! I guess I got that totally wrong! I thought I had a grip on this before but I am just totally confused now!

I see reference to some banks not giving the correct TRS and that same has to be sorted out - could we be affected by this? We are with AIB.

And finally, if the figure does appear to be incorrect who should I contact AIB or Revenue?

Thanks a mill for coming back to me - I keep talking myself into its right, its wrong so finally decided to post for help

are you paying or will you pay 12k in interest this year.
you get the lesser of the two, the ceiling amount or the interest paid.
so your interest charged to your mortgage might not reach the ceiling
thus the reason for the trs payments being smaller