FTB TRS, does 7 years equal 84 months?

michaelm

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The Revenue website says . . "Mortgage interest relief is calculated by reference to a year of assessment. This is also known as a tax year. It is the same as the calendar year, i.e. runs from 1st January to 31st December and not for any 12 month period [e.g. 1st April to 31st March]."

For a couple who bought in Dec 2007, does their 7 years as a FTB (with a €20000 interest relief ceiling) run until Nov 2014 (84 months) or Dec 2013 (73 months)? That is to say is the one month they claim for in 2007 count as a full year out of 7 with regards to being a FTB and the related €20000 ceiling?
 
December 2007 was in the 2007 tax year, so that is one of the 7 TRS years used up.
 
December 2007 was in the 2007 tax year, so that is one of the 7 TRS years used up.
That is my understanding too but to confuse things Revenue have responded to them saying that their ceiling hasn't changed (from €20000). Meanwhile their TRS was €150 for Jan & Feb (which is 30% of the lower €6000 ceiling) but jumped up again for Mar & Apr as if calculated on the higher ceiling. A mess really.
 
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