No TRS increase?

B

Barley

Registered User
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89
Morning,

Maybe someone can shed some light on this or point me in the right direction wrt getting info. Our TRS was €126 a month and I assumed it would double this month after the increase in the budget. It hasn't.

Were we supposed to do something to avail of the increase or should it hae occurred automatically?

Anyone else notice this with their mortgage?
 
Perhaps you are not paying sufficient interest to qualify for additional relief? Post some more details such as how many of you there are (two I guess), if you qualify for the FTB first 7 year preferential relief, how much interest was charged on the loan last year, what the original loan and term were and what remains outstanding and the rate etc.
 
Thanks:
FTB - puchased 2 1/2 years ago

approx. 7,600 interest paid last year

mortgage for 220,000 over 25 years

approx. 208,000 outstanding at fixed rate of 3.75%

Perhaps I was wrong for assuming it'd be possible to get something so easily out of the government!:rolleyes:

Oh, and yeah - 2 buyers.
 
Last edited:
Barley
I was onto the tax office yesterday about the same thing, they said my tax relief would not be updated until next month.

Not sure if this is the case for everyone.
I rang them at 189 46 36 26 - Tip: I rang at 1:30 and only had to hold for 3 minutes, lunchtime must be a good time to call G'Luck.
 
Thanks for that newkid30. I'll give them a call and see if same is true for me. Hopefully it is!
 
This seems about right to me. The new changes only benefit people that are paying a large amount of interest.

For example, someone is paying 16k interest, they get 20% relief on this, which is 3200, which is 266 per month. Before they could only get 20% of a max of 8k, which is 1600 and 133 per month.

You are paying 7600 interest. 20% of this is 1520 which is 126 per month. From my understanding, these new changes dont affect you, but I could be wrong.
 
I recently moved my mortgage to NIB so I'm sending in a new TRS form. I will get about 75% of the max for a FTB so that's fine.
But my query is the last time I switched mortgages I got an extra 50K for an investment. Obviously I told the Revenue this and said only the relevant % qualified. Since then I've paid about 10, maybe 15 grand off the capital element. Can I say that money was off the non-qualifying original 50 grand? Or do I just say now all the loan with NIB qualifies as it being used to clear another loan on my PPR? I hardly think either scenario is likely but I'm not sure. Input appreciated
 
Andy, you just have to state what % of your mortgage is on your house, so I suppoe it's up to you to decide. Not sure what kind of documentation they will look for for proof?
 
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