The following is a quote from a Department of Finance spokesperson taken from www.ireland.com
Does this mean that mortgage holders will get a refund from Revenue going back a maximum of 7 years?
E.g say I took out a mortgage 3 years ago and availed of TRS as follows:
Year 1 €4,000 @ 20% = €800
Year 2 €4,000 @ 20% = €800
Year 3 €8,000 @ 20% = €1,600
Does the change mean that I would be entitled to €10,000 @ 20% for each of the last 3 years (total of €6,000 for 3 years), and so be due a refund of €2,800?
Or have I mis-interpreted the quote above?
A Department of Finance spokesman told ireland.com that the Government also intends to raise the ceiling on mortgage interest relief for first-time buyers in Budget 2008.
The relief will be raised from €8,000 to €10,000 for single people and from €16,000 to €20,000 for couple back-dated for seven years as pledged in the programme for government, he said.
Does this mean that mortgage holders will get a refund from Revenue going back a maximum of 7 years?
E.g say I took out a mortgage 3 years ago and availed of TRS as follows:
Year 1 €4,000 @ 20% = €800
Year 2 €4,000 @ 20% = €800
Year 3 €8,000 @ 20% = €1,600
Does the change mean that I would be entitled to €10,000 @ 20% for each of the last 3 years (total of €6,000 for 3 years), and so be due a refund of €2,800?
Or have I mis-interpreted the quote above?