Another TRS Query

[gilboy]

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

 

[Domo]

I am not aware of any rule where you can claim TRS on 2 properties, except where there is a separated sopouse or dependant relative.

You may be thinking of the Capital Gains Tax rules where the last 12 months ownership counts towards your PPR - this is not relevant for TRS relief.

See Revenue guidance on

http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html