Hi all,
I have a query in relation to TRS.
Due to a number of different reasons i only ever had 2 draw downs on my mortgage the first in 2011 and the second in 2013 all used for the construction of my home. we had being receiving full trs until Jan 2014. when it was halved (same as the percentage of the draw down)
My problem is as follows the latest amendment Finance Act 2013 quoted below make allowance for someone to qualify for and draw down a mortgage right up to 31st of 2012 and any stage payment in 2013 also qualifies for trs. But revenue are telling me because i did not qualify for my mortgage in 2012 (first draw down was 2011) my drawn down 2013 does not qualify for trs. they refered to point 7 below.I think its a very black & white reading of the scenario with no room for common sense. I believe i should qualify for full trs as my mortgage was in place before the deadline of teh 31st Dec 2012. I believe point 8 in red gives me some chance because it refers to a mortgage in place on 1st January. My mortgage was in technically in place as drawn was done 2011, but reveune are disagreeing point blank with me.
Any thoughts? thanks
The section of act referred to is
9
I have a query in relation to TRS.
Due to a number of different reasons i only ever had 2 draw downs on my mortgage the first in 2011 and the second in 2013 all used for the construction of my home. we had being receiving full trs until Jan 2014. when it was halved (same as the percentage of the draw down)
My problem is as follows the latest amendment Finance Act 2013 quoted below make allowance for someone to qualify for and draw down a mortgage right up to 31st of 2012 and any stage payment in 2013 also qualifies for trs. But revenue are telling me because i did not qualify for my mortgage in 2012 (first draw down was 2011) my drawn down 2013 does not qualify for trs. they refered to point 7 below.I think its a very black & white reading of the scenario with no room for common sense. I believe i should qualify for full trs as my mortgage was in place before the deadline of teh 31st Dec 2012. I believe point 8 in red gives me some chance because it refers to a mortgage in place on 1st January. My mortgage was in technically in place as drawn was done 2011, but reveune are disagreeing point blank with me.
Any thoughts? thanks
The section of act referred to is
9
.—Section 244 of the Principal Act is amended by inserting the
following after subsection (6):
“
(7) This subsection shall apply to a loan taken out and used
by an individual
––
(
a) on or after 1 January 2012 and on or before 31
December 2012 solely for the purpose of defraying
money employed in the purchase of an estate or
interest in the land referred to in paragraph (
money employed in the purchase of an estate or
interest in the land referred to in paragraph (
b) and
in respect of which the permission in subsection (10)
applies but only where a residential premises, which
is a qualifying residence in relation to that individual,
is constructed on that land, or
(
applies but only where a residential premises, which
is a qualifying residence in relation to that individual,
is constructed on that land, or
(
b) on or after 1 January 2012 and on or before 31
December 2013 solely for the purpose of defraying
money employed in the construction of a residential
premises which is a qualifying residence in relation
to that individual on land
money employed in the construction of a residential
premises which is a qualifying residence in relation
to that individual on land
––
(i) in respect of which he or she has, on or after 1
January 2012 and on or before 31 December
2012, acquired an estate or interest, and
(ii) the acquisition of which was financed by way of
the loan referred to in paragraph (
January 2012 and on or before 31 December
2012, acquired an estate or interest, and
(ii) the acquisition of which was financed by way of
the loan referred to in paragraph (
a).
(8) This subsection shall apply to a loan in respect of which
there was in place, on or after 1 January 2012 and on or before
31 December 2012, an agreement evidenced in writing to
provide that loan to an individual and
there was in place, on or after 1 January 2012 and on or before
31 December 2012, an agreement evidenced in writing to
provide that loan to an individual and
––
(
a) part of that loan is used in the period 1 January 2012
to 31 December 2012, and
(
(
b) the balance of that loan is used in the period 1
January 2013 to 31 December 2013,
by that individual solely for the purpose of defraying money
employed in the repair, development or improvement of a residential
premises which is a qualifying residence in relation to
that individual.by that individual solely for the purpose of defraying money
employed in the repair, development or improvement of a residential
premises which is a qualifying residence in relation to