Entitled to TRS?

[txirimiri]

Bought a house in July 2004 (PPR and family home) and qualified for TRS. We moved abroad in 2006 and started renting out the house in Jan 2007, from which date TRS was cancelled. Tenants moved out in Sept 2009. We are moving back to Ireland in a few months time and house will then revert again to being PPR. Any idea whether we will be entitled to claim TRS again and, if so, whether Revenue would class us as having 4 and a half remaining years of it (i.e. 7 years minus the 2 and half years we have already claimed) or just 1 remaining year (i.e. 7 years from July 2004 will be up in July 2011 even though we only got the benefit of the TRS for 2 and a half of the 6 years we have owned the house)?

 

[Vincenzo]

TRS runs from the date purchased. I can't see them crediting you with the seven years and just deducting 2 and a half.
More than likely it will be just the remaining time.

You probably won't get TRS up to July 2011 either as for some strange reason the TRS runs up until 31/12 of the previous December.

This happened in my case . Bought in April 2003. Received letter this Jan 2010 stating TRS had finished . I would have thought that i too would get TRS up to April.
This would be the fairest as you are not discriminating against those who buy later in the year.
It doesn't make sense to cease paying on december 31st.

Maybe i'm missing something could someone please clarify?

 

[Papercut]

TRS runs from the Year that you purchased.

If you bought in April 2003, then Year One was 2003 (Jan - Dec) & Year Seven was 2009 (ending 31st December 2009). Check back on your 2003 statements & you'll probably find that your monthly TRS was higher that year as your relief would have been calculated for the full year & then spread out over the months April to December, giving you a higher monthly TRS amount than you would have received if you had taken out your mortgage in January. In other words your relief would have been ''backdated'' to January 2003 (subject to the relevant ceiling).

 

[DB74]

That only works if you have paid enough interest over the 9 months to utilise the full interest threshold.

What about somebody who bought in December?