Hi,
Could anyone explian how the new TRS rules play out for 2010, after the 2009 budget.
Specifically, My wife bought a house in 2002 but only lived in it for about 18 months. From early 2004 until late 2008 it was rented out. We have both moved back there (so it is now out PPR). We have never claimed TRS on the mortgage for this house. Can we now claim TRS because 1.it is now our PPR and 2. we did not claim TRS for the first 7 years and 3. because, if I understand it correctly, the period for TRS has been expanded for a further 7 years.
Any clarity would be very much welcomed.
Could anyone explian how the new TRS rules play out for 2010, after the 2009 budget.
Specifically, My wife bought a house in 2002 but only lived in it for about 18 months. From early 2004 until late 2008 it was rented out. We have both moved back there (so it is now out PPR). We have never claimed TRS on the mortgage for this house. Can we now claim TRS because 1.it is now our PPR and 2. we did not claim TRS for the first 7 years and 3. because, if I understand it correctly, the period for TRS has been expanded for a further 7 years.
Any clarity would be very much welcomed.