Impacted Buy to Let - Redress Received - Tax Implications

Hi

I know this has been discussed on several threads, but its now becoming a reality.

My mortgage, which is now a buy to let mortgage, was part of the tracker review. I have now received my redress and compensation (for information, my compensation was 8.5% because mine was a Buy to Let mortgage).

So, now I need to know if/how/when to get in touch with Revenue in relation to revising previous year's returns to reflect the amended interest and to make a payment to Revenue.

Does anyone know if there has been any guidance on this? Does anyone know what area to contact in Revenue?

Thanks in advance

Thats an interesting question.

In previous years you claimed interest as you had paid it and then in 2017 you received a refund of interest so in effect you have a negative interest figure in 2017. I'd include it on the 2017 return if you are a higher rate taxpayer in the previous years and deal with it in 2017.

Opening up all the previous years could cause a potential interest on late payment issue.

The next question is whether the compensation on a rental property is taxable????

It's extraordinary that there is still no guidance from Revenue on this issue - they have had months, if not years, to prepare for this issue.

Indeed - the ordinary punter continues to be left in doubt, yet again. Truly appalling stuff.