TRS Mortgage Interest Relief at Source - Lenders Responsibility?

D

Dublin32

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As a first time buyer I took out a mortgage in December 2002. I started repayments in January 2003. I assumed that the lender was taking the Mortgage Interest Relief into account when calculating the interest.
Only today did i discover (when i checked with Revenue) that i was not claiming TRS on my Mortgage interest.
I quickly submitted the TRS1P form to claim the relief for 2004 to 2007. Luckily, as the deadline for 2004 is tomorrow. However i have lost out on claiming interest relief for 2003 as it is now too late.
The Revenue told me that the lender normally issues the TRS1 form when the mortgage commences. My question is whos responsibility is it? Should i have known to claim the relief myself? Has the lender any responsibility as they deduct the relief at source?

Id appreciate your opinions on this.
 
It's the taxpayer's responsibility, not the lender's. The lender won't deduct TRS unless Revenue notifies them that they have the completed TRS form.
 
Hi, what happens in relation to the latest TRS from 2008 budget? Does this come in to play in Jan? Do we have to notify revenue to notify the banks or will they automatically do it?

Thanks
 
Don't know but I'd imagine that the calculations will be done automatically, once Revenue has your TRS form - I doubt you have to send in another form.
 
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