In August 2006, I released equity from my PPR in Dublin to purchase a site in Mayo. After releasing this equity, 40% of the new mortgage on the Dublin property represented the money released to purchase the site in Mayo. I notified revenue and started claiming 60% of the property for TRS purposes.
In April 2007, I took out a 2nd small mortgage to build a house on the site in Mayo.
In November 2008, with the house complete I moved to Mayo and hence this house became my PPR. I rented out the house in Dublin from November 2008. Furthermore, in November 2008 I notified the revenue that my PPR had changed and I was now claiming 40% TRS on the Dublin mortgage(money released to purchase site) and 100% TRS on the mortgage in Mayo.
Now my understanding is that if you purchase a 2nd property you can claim TRS for 12 months on the 2 mortgages. In my situation since April 2007 I had 40% of the value of the mortgage in Dublin and 100% of the value of the new mortgage which I did not claim TRS on. Hence, I am wondering would I be entitled to ask for a review with respect to the period from April 2007 and April 2008 and look for a refund.
Any help appreciated
Thanks
In April 2007, I took out a 2nd small mortgage to build a house on the site in Mayo.
In November 2008, with the house complete I moved to Mayo and hence this house became my PPR. I rented out the house in Dublin from November 2008. Furthermore, in November 2008 I notified the revenue that my PPR had changed and I was now claiming 40% TRS on the Dublin mortgage(money released to purchase site) and 100% TRS on the mortgage in Mayo.
Now my understanding is that if you purchase a 2nd property you can claim TRS for 12 months on the 2 mortgages. In my situation since April 2007 I had 40% of the value of the mortgage in Dublin and 100% of the value of the new mortgage which I did not claim TRS on. Hence, I am wondering would I be entitled to ask for a review with respect to the period from April 2007 and April 2008 and look for a refund.
Any help appreciated
Thanks