TRS budget changes

R

rabbits

Registered User
Messages
186
Just a quick question. I am a first time buyer and started my mortgage last August. As the TRS rates changed from 20 to 25% in the budget, should I have gotten a TRS refund for my payments from August to December? My payments for January and February were both the same so there was no refund in my January payment.
 
The TRS changes came into effect from January 1st, 2009 so you shouldn't get a refund for Aug-Dec 2008 but your TRS amount should have increased in Jan/Feb 2009

Sprite
 
It might take a while for your bank to apply the changes to the TRS rules.

I know Ulster Bank, who I bank with, will not have their system sorted until June.
 
You will only get the 25% for this year then 22.5% from Jan 2010. I took out my mortgage in June 2007 so was expecting 25% from Jan 2009 to June 2009 but only increased to 22.5%. I called revenue and they said the two years at 25% refers to the date you took out the mortgage to the end of that tax year and then the next tax year - Bit of a farce I thought, ah well at least I get an extra 2.5%!
 
Thanks for all the tips. For some reason I had it in my head that it was backdated as other TRS changes had been.
 
sivelr, as you bought in 2007 this is your first year. 2008 was your second and 2009 is now your third, hence only the 22.5% rate. You should always try getting a mortgage early in the year to increase your gain from tax relief.
 
You must log in or register to reply here.
Back
Top