Tax Relief At Source - Once Off?

[thumbelina]

Hi,

I am trying to find out whether we should have been entitled to Tax Relief at Source (TRS) over the past number of years, the main question is really whether you just get it for a period of 7 years in total or whether it rolls on as long as the Revenue are paying it. I'm aware that it is tapering over the last few year and is currently scheduled to finish on the 31st December 2020.

Here is a quick summary of the timeline:

* Couple (happily unmarried) purchase first house together in 2003, TRS is paid - all good
* Couple get happily married in 2005 - TRS is still paid, all good
* Couple (still happily married) in 2006 decide to upgrade to new house, sell old house, TRS still paid on new house - all good
* Couple (still happily married) in 2010 receive last TRS payments - 7 years since purchase of original house (approximately)
* Couple (still happily married) in 2020 realise that perhaps they should have been getting TRS between 2011 and today

Point to note is that we both file Form-11s every year but I was under the impression that the bank should have been handling the processing of TRS.

So, the question is - did we just get a 7 year payment of TRS and that's it - or should we have been receiving it on an ongoing basis (I know there were reductions in the rates and caps applied in the intervening years).

Thanks for any help.

 

[newirishman]

Have a look at the Revenue information on TRS.

What is a qualifying mortgage loan?

Types of loans that qualify for Mortgage Interest Relief

www.revenue.ie

if I understand correctly, you bought your first house in 2003 so only the 7 year rule, as first time buyer, is applicable.
Looks like the non first time buyer TRS for your 2006 upgrade doesn’t trigger the extension beyond the initial 7years due ti first mortgage prior to 2004.
(this rule was apparently introduced in Finance Act 2012)
See page 30 of this: https://www.revenue.ie/en/tax-profe...x-corporation-tax/part-08/08-03-08.pdf#page31
open to correction though.

 

[Mrs Vimes]

I bought my second home in 2003 and my third in 2006 and I still get TRS.

Go to Page 9 of newirishman's link above and it states

"The rate of relief for 2010 to 2020 is at the non-First Time Buyer rate."

This is for a 2000 FTB who bought his second home in 2005.

Also, the "What is a qualifying mortgage loan?" link has example 2 who also bought between 2004 and 2008 and also still get TRS.

 

[thumbelina]

Thanks for the replies - I'll check this out now with Revenue and the bank.