Hi guys,
We bought a new home last January 2013 and have rented out our previous home. Because our new Principal Private residence was purchased in 2013 I understood that we would lose our mortgage interest relief once we moved into the new home. The mortgage for our new home is with the same lender as the mortgage on our previous home so I didnt think any more about it once we moved but assumed that the bank would stop paying it.
Before Christmas I noticed that we have continued to receive mortgage interest relief from the bank each month (I obviously should be looking closer at my bank statements but hadnt been doing so
). Digging into TRS terms and conditions discovered its my responsibility to have informed Revenue of the change in circumstances. I will call them now and let them know but obviously Ill be required to pay back the TRS that I received since March last year. Am I likely to get a fine or interest charge against this also?
Thanks,
Warren
We bought a new home last January 2013 and have rented out our previous home. Because our new Principal Private residence was purchased in 2013 I understood that we would lose our mortgage interest relief once we moved into the new home. The mortgage for our new home is with the same lender as the mortgage on our previous home so I didnt think any more about it once we moved but assumed that the bank would stop paying it.
Before Christmas I noticed that we have continued to receive mortgage interest relief from the bank each month (I obviously should be looking closer at my bank statements but hadnt been doing so
). Digging into TRS terms and conditions discovered its my responsibility to have informed Revenue of the change in circumstances. I will call them now and let them know but obviously Ill be required to pay back the TRS that I received since March last year. Am I likely to get a fine or interest charge against this also?Thanks,
Warren