Mortgage Interest Relief Overpayment.

Hi,

Have just received a letter from the Revenue Commissioners informing us that we been overpaid mortgage interest relief (in 2007) and say that in order to rectify the position we must forward payment in full (a sizeable amount) immediately.

Has this happened to anyone on aam? Why should we have to pay for their mistake? Any info on this would be greatly appreciated.

Many thanks,
Gamblor.

Hi Gamblor

Unfortunately there is nothing you can do if the over-allocation of TRS is correct.
It works both ways, in that if you realised you did not claim a tax relief from two years ago, you can get a refund from the revenue.

If it is a large amount and you cannot pay it in a lump sum, the revenue should be open to coming to an instalment arrangement with no interest or penalties.