Not quite Brendan.AIB has said in its letters that there is no tax liability.
Does this extend to refunding to Revenue any mortgage interest relief or deduction which has been over-claimed in the past?"As a first step, AIB will place the affected customers on the correct tracker rate. The bank will also be required to offer a refund of their overpayment of interest, and financial compensation to customers, including discharging any tax liability that might occur for the borrower."
Thanks Sarenco - fully compliant from the mortgage interest relief side of things, question was about the interest I deducted as an expense on my Income tax returns, which if we get compensation/redress for, could mean I essentially over-claimed relief.
Maybe Joe90 is right and the unofficial Revenue policy is simply to turn a blind eye - seems an odd way to discharge their statutory functions.
Thanks Sarenco - fully compliant from the mortgage interest relief side of things, question was about the interest I deducted as an expense on my Income tax returns, which if we get compensation/redress for, could mean I essentially over-claimed relief. Have followed that thread you referenced, hopefully the Central Bank and or Revenue will clarify the position soon
Seriously?
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