Letter from Revenue about TRS

Yes, I got one last week. I was asked to submit details of my mortgage online via revenue.ie as they couldn't determine whether I had a qualifying mortgage or not. All they ask for online is the date the mortgage started, how much of it is a qualifying loan (i.e. how much spent on the property - more relevant for top-up loans) and whether it was a re-mortgage or not.

I moved house in 2005, mortgage taken out in March 2005, I'm not a first time buyer.
 
Just got a letter today .. We purchased a house couple of years back, non-first time buyers and the house was second hand. Within the letter it indicated
"if you did not take out a new loan for a new house [not your first home] or a top up qualifying loan on your existing home since 1st January 2003, you are no longer entitled to mortgage interest relief. No further action is required by you."
So - are we entitled ? It's a new loan but not on a "new" house? I've looked on line but couldn't see any reference to new/second hand housing having a difference. On the on-line form it just asks for mortgage a/c number etc.. Should we still be entitled even if the house was second hand?
 
new loan for a new house
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Does it say home or house?

A new home is not the same as a new house. It just means you are not entitled to TRS on a new mortgage on your exisiting home. A new mortgage on a new home (as in your case) would be entitled to TRS.
 
First time buyer here and got a letter saying our contribution was to go up so they were lowering our TRS by a few euro a month.
 
How long are they taking to respond to the online details form? Just filled mine in today.
 
on the letter it says "new house" (rather than home..) I've looked online on revenue and other sites and couldn't find any distinction though between non-ftb who bought new vs second hand, so I'm not sure if the letter is just worded badly. It doesn't ask this on line but I cancelled the submission and didn't send it through til I find out what the story is .. talk about confusing..
 
What if you didn't start claiming TRS until a number of years after the mortgage was taken out and revenue cuts you off TRS before the 7 years are up?
 
You are entitled to TRS on a mortgage or top up mortgage taken out since 1/1/03 (for 7 years) The mortgage should be used exclusivelly for your PDH.

If your current mortgage includes paying off other loans credit cards etc, reduce the mortgage amount by the amount that was used to pay off other loans.

It does not matter if you are a first time buyer or not.
 
max said:
What if you didn't start claiming TRS until a number of years after the mortgage was taken out and revenue cuts you off TRS before the 7 years are up?
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you should have claimed a refund for the years not claimed properly,
this refund would then incorporate your first few years of trs claims, thus reducing the 7 years from when you actually started receiving trs every month.
 
rameire said:
you should have claimed a refund for the years not claimed properly,
this refund would then incorporate your first few years of trs claims, thus reducing the 7 years from when you actually started receiving trs every month.
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Thanks for replies.

I am aware of the refund possibility, but was also informed by online revenue literature re:mortgage interest relief at time that the 7 years of relief commenced from DATE OF FIRST CLAIMING RELIEF, not date of taking out mortgage.

I also read somewhere that revenue have deferred all tax reclaims until next year, so if I claim now I will have to wait until next year, or perhaps even later, for cheque to arrive.
 
max said:
Thanks for replies.

I am aware of the refund possibility, but was also informed by online revenue literature re:mortgage interest relief at time that the 7 years of relief commenced from DATE OF FIRST CLAIMING RELIEF, not date of taking out mortgage.

I also read somewhere that revenue have deferred all tax reclaims until next year, so if I claim now I will have to wait until next year, or perhaps even later, for cheque to arrive.
Click to expand...

the 7 year date commences from drawdown of mortgage, not from first claiming,
so say you start claiming in year 4 after drawing down, you will then be on the rate equivalent for year 4 trs.
its also more beneficial for you to start claiming from the start of the mortgage as you will pay more interest at that stage of the mortgage.
also the revenue are usually slow the first half of the year for refunds due to tax returns and what not, and the budget changes hasnt helped them this year, but if you claim now you should have a cheque or lodgement by october at the latest. if there were no budget changes they were doing i would say if you claim now you would get the refund by august.
 
I've looked and see I did not get my trs but I have not received any letter yet. I think I should still receive it.

Is there anyone else in this situation.

I would have thought I would have received a letter by now.

Or did they just stop all for may and will recommence in june.
 
got paid trs this month, did not recieve any letter , second mortgage taken 3 years ago still qualify for trs for 4 more years
 
I have not received my letter but my wife recieved her's a couple of weeks ago.
 
Received notification from my bank today that revenue has calculated my annual TRS credit will be 0.
Took the mortgage out in July 2005 as a second time buyer
1 house, 1 mortgage primary residence. Mortgage only for house

Is this a mistake?
 
more than likely not.
up to now this year you have been receiving 20% of interest as trs

as you are a second time buyer you are only entitled to 15%
so you could be overpaid.
especially as interest rates have dropped

and if you are using first active or ulster bank the trs up to now has been even more wrong.
 
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