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Hi Lou,
it seems that anyone who bought their house in 2004 gets an extension on their TRS until 2017. I just don't understand how they can just decide on which year to make the cut.
regards
Daithi
I also received one of these letters yesterday saying that our TRS is finished now. Didn't expect it, probably should have. Daithi can you refresh my memory re the extension at last years budget? I remember hearing something about TRS in the budget but obviously ignored it! I also bought in 2003.
Are you for real ? They pick a date i.e. 2010 onwards. Should they change it once someone squeals that its unfair when they are out by one month ? So they change it to 2009 then all the people from 20001/02 start squealing. And it goes on and on. Why did you get a shock when the TRS stopped ? It was clear that it lasts for seven years on PPR. Nothing complicated about it.I just don't know how they came to this decision, are they just trying to ruin the lives of honest working people?
I think it's unfair also...
It seems that if you bought in 2004 you get relief until 2017... hoever if you buy in 2003 you only get support until 2010, that's a massive difference.
If I'm understanding it correctly, there seems to be some confusion... a fair way would be that everyone gets seven years, not some people getting 7 years and others getting 13.
How much would the relief by worth on 300,000 at 4%, is it worth approx 3,000 a year?, or 18,000 over the extra six years? An appreciable amount it must be said.
Yes, I am for real. If you can tell me why I am different to someone who bought a house in jan 2004 then by all means go ahead.
With effect from the 1st May 2009 the number of tax years in respect of which mortgage interest relief may be claimed is 7 years for first time and non first time buyers.
well, if I could choose between paying my mortgage on the price my house would have been in 2003 and not getting anymore TRS or getting TRS until 2017 on the 2006 price I paid for my house, I know what I'd pick!!!
There is no difference. As easy as:
http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section3
If year 1 is 2004, year 7 is 2010 (Jan to Dec 2010) so even going by the information provided in your link, interest relief would apply until December 31st 2010.newirishman said:Which means: no mortgage interest relief byoned year seven. Which means in the year 2010, nothing for anyone who has taken out mortgage in 2004 or before that.
If year 1 is 2005, year 7 is 2011 (Jan to Dec 2011) so, even going by the information provided in your link, interest relief would apply until Dec 31st 2011.newirishman said:In 2011, nothing for anyone taken out mortgage in 2005 etc.
So, the difference between taking out a mortgage in 2003 & taking it out in 2004 is an extra seven years mortgage interest relief!
Which, if you receive the full amount, is €2,000 per year, or €14,000 over 7 years!
Very simply, the difference is you took out your mortgage in 2003. What part of that is not clear ?Yes, I am for real. If you can tell me why I am different to someone who bought a house in jan 2004 then by all means go ahead.
I think it would be fair to say that Daithi has grasped that. It looks as if he, quite rightly is at a loss to understand the criteria or logic (if any) used to decide the cut-off date. I know that I certainly am, especially considering that the Minister mentioned in his speech that this change was to cater for those who now find themselves in negative equity.Very simply, the difference is you took out your mortgage in 2003. What part of that is not clear ?
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