TRS year 8

[billy-bob]

Does anybody know what the TRS percentage and ceiling would've been in 2011 for a house bought in 2004?

According to my calculations, 2011 would be year 8, but revenue.ie only shows values for years 1-7 and then 2012 onwards (when it became 30%). There is a note there,

Note: After year 7, the rates are those that apply to non-first time buyers

which implies it was 15%, but I'm not sure, and I don't know which ceiling to pick? Was there even TRS paid in 2011 for houses bought in 2004 - is this more than 7 years extension a more recent budget addition?

 

[robbie00]

TRS Decrease

Hi,

I bought in 2006 so my TRS was decreased this year and revenue advised it was 25% of €6000 as it was a joint mortgage. I checked on there website and it should have been 30% of €6000 so I let them know this and they advised I was right and they would change this..

Looks like you should also have a rate of 30% on the below link for first time buyer purchasing in 2004.

http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html

 

[rameire]

For 2011 your ceiling would have been 3000 per person with a percentage of 15%.
2012 and onwards untill end of 2017 it will be a ceiling of 3000 per person with a rate of 30%

 

[bebe]

hi there, im hoping someone might be able to advise me as i am not very clued up on TRS at all...
i came home to a letter advising our joint mortgage on our home is increasing from 1041 per month to 1228 per month due to TRS. We bought the house and started the mortgage in march 2006.

should i have been expecting this?

My god the change takes effect from next weeks repayment and i'm hoping against hope that there is some sort of mistake!

any advice would be most welcome, thank you.

 

[Bateman]

Do you not get TRS for 7 years and then that's it?

 

[rameire]

hi there, im hoping someone might be able to advise me as i am not very clued up on TRS at all...
i came home to a letter advising our joint mortgage on our home is increasing from 1041 per month to 1228 per month due to TRS. We bought the house and started the mortgage in march 2006.

should i have been expecting this?

My god the change takes effect from next weeks repayment and i'm hoping against hope that there is some sort of mistake!

any advice would be most welcome, thank you.

you are in year 8
so your ceiling per person has dropped from 10,000 to 3,000

this has equated to the drop in trs and the increase in repayment,
and yes you should have been expecting this.

 

[bebe]

thanks for the info.
man, that's a real kick in the nuts.

 

[billy-bob]

For 2011 your ceiling would have been 3000 per person with a percentage of 15%.
2012 and onwards untill end of 2017 it will be a ceiling of 3000 per person with a rate of 30%

I emailed TRS yesterday (a govt agency with a real working email address that really works!) and just got a response:

The first 7 years of this up until the end of December 2010 you were classed as a first time buyer. After this date you became a non first time buyer and would have received relief for 2011 at a rate of 15% with a ceiling of €3000.

which confirms what rameire said, so cheers.