TRS--how long will it last

[miriammary]

I bought my home in 2005 as a first time buyer, can anyone tell me how long will I continue to get TRS for

and also could someone tell me how do I calculate it?

What % is it each of those years ?

Thanks.

 

[potnoodler]

It's for 30% of the interest charged and I believe it's payable till 2017

 

[rameire]

your ceiling is 3000 per person.
so 30% of the ceiling or the interest charged if less than 3k per year.
unless you are with Ulster Bank, and you should be getting 25% and it will be up to the correct 30% in December.

 

[Techhead]

Yeah but the amount you get relief on changes after 7 years ...

 

[Greensquare]

Just 2 questions on this?

Does TRS only last for 7 years after you purchase, and then go to Zero, or does it continue at a reduced rate?

And if you move out of the house and rent it out, should you inform the Revenue to stop TRS?

 

[ryaner]

Trs runs until 2017, so only 5 years remaining even on a new purchase.

Yes you should inform the revenue if you move out. Not doing so would be tax fraud.