Slightly different situation for us and i'm wondering how this works:
Mortgage is in joint names, one of us FTB status, the other is not. We are married, but still being treated as single persons from revenue perspective.
So if FTB ceiling is 10,000 @ 20% = 2,000 and non-FTB ceiling is 3,000 @ 20% = 600 then max relief should be 2,600 subject to interest payable. Since our interest payable is approx 11,500, then at 20% i work this out as 2,300 TRS per year. Is this correct?
Or is the total interest payable on the mortgage in any year split 50-50 since we are being treated as single persons, and then the relevant ceilings applied? So 11,500 / 2 = 5,750 interest each @ 20% = 1,150 for FTB / and just the basic 600 for non-FTB bringing total TRS to 1,750?
I had to apply for TRS in respect of previous years as one of us was incorrectly being treated as a non-FTB, and revenue have just repaid in some money to our account as a refund, but it's not as much as i was expecting, so am trying to figure it out while waiting to get a response from them, assuming they will respond to my application with a letter confirming the refund was paid to my account etc.
Thanks for your help.