Tuttlinghorn
Registered User
- Messages
- 43
I'm confused 
by the revenues treatment of the owner occupier relief that I qualify for since carrying out works on my home a few years back.
When researching the relief available I was given to understand that it would be in the form of a tax credit (thus saving me 100% of the annual relief - EUR 1406.3 x 10 years)
Does anyone know if this should be the case or should it be as the Revenue have actually applied it - below :
When it came to applying the relief over the last 5 years, revenue actually applied the relief as a deduction against my total taxable income (thus saving me 42% of the annual relief amount i.e. EUR 590.52)
This year, for variety the Wizards of Mount St. have decided to increase my SRCOP by 100% of the annual relief amount, (thus saving me 21% of the annual relief amount - EUR 295.26) and have also given me a tax credit of 281.26 (20% of the annual relief amount), bringing my total saving to 41% of the annual relief amount - i.e. the higher rate of tax as in previous years.
The net result of all of this seems to be that I'm only getting 41% of the relief I thought I was entitled to. As you can see the amounts wont make me a millionaire, but every penny I can help the revenue to give back to me (or charity as I just discovered can be done), makes me all warm inside.
by the revenues treatment of the owner occupier relief that I qualify for since carrying out works on my home a few years back.When researching the relief available I was given to understand that it would be in the form of a tax credit (thus saving me 100% of the annual relief - EUR 1406.3 x 10 years)
Does anyone know if this should be the case or should it be as the Revenue have actually applied it - below :
When it came to applying the relief over the last 5 years, revenue actually applied the relief as a deduction against my total taxable income (thus saving me 42% of the annual relief amount i.e. EUR 590.52)
This year, for variety
the Wizards of Mount St. have decided to increase my SRCOP by 100% of the annual relief amount, (thus saving me 21% of the annual relief amount - EUR 295.26) and have also given me a tax credit of 281.26 (20% of the annual relief amount), bringing my total saving to 41% of the annual relief amount - i.e. the higher rate of tax as in previous years.The net result of all of this seems to be that I'm only getting 41% of the relief I thought I was entitled to. As you can see the amounts wont make me a millionaire, but every penny I can help the revenue to give back to me (or charity as I just discovered can be done), makes me all warm inside.