TRS Rebate Calcuations?

L

loodles

Registered User
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Hi, hoping somebody can help me with this query as it has my head melted!
Myself and my partner took out our first mortgage in 2004 and only my application for TRS went through. I wasn't sure if it was 4k between both of us or 4k each so I rang the revenue and I was informed it was between us.
I thought no more about it and €66.66 was credited to our account each month. This year we moved, again we both applied for TRS and the monthy amount was much higher.
When I queried this with the Revenue, they told me my partner received no TRS for the original mortgage.
So I applied for a rebate. In 2005 we paid interest of €5,623.99, I had already received TRS of 733.26 (for 11 months moved in Nov) and they refunded us €150.This makes no sense to me, Should it not be 5623.99*.2 = 1,124.79 for the year? Hence a rebate of €391.54?

Thanks in advance
 
loodles said:
Hi, hoping somebody can help me with this query as it has my head melted!
Myself and my partner took out our first mortgage in 2004 and only my application for TRS went through. I wasn't sure if it was 4k between both of us or 4k each so I rang the revenue and I was informed it was between us.
Click to expand...
If you were first time buyers and joint mortgage holders then it should be a maximum of €4K each - i.e. maximum relief/refund of €4K @ 20% = €800 p.a. or €66.67 p.m each.
So I applied for a rebate. In 2005 we paid interest of €5,623.99, I had already received TRS of 733.26 (for 11 months moved in Nov) and they refunded us €150.This makes no sense to me, Should it not be 5623.99*.2 = 1,124.79 for the year? Hence a rebate of €391.54?
Click to expand...

Yes - seems odd. I can't see where €150 comes from either and can't see anything obviously wrong with your calculations. Perhaps you should write to Revenue querying this issue?
 
Very likely that he had some underpayment on his pay and tax that took away from the repayment he was expecting. Guessing here but he either has two jobs, changed jobs during the year and got some social welfare, or his employer didn't deduct enough tax.

Also when you say partner do you mean husband/wife. If your not jointly assessed you have to look for a review of both PPS numbers.
 
Income tax issues should not affect TRS - even somebody not paying any income tax benefits from TRS!
 
In the above example I presume the taxpayers are getting the rebate through the tax office on a P21 review. This would be the case here (I think) as the year has passed and the bank would not give you credit/rebate once the 31st Dec has passed.
 
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