Tax Relief at Source

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DiamondWife Posts: 1347
Hi all My TRS has been cut in half since January and I'm wondering has it happened to anyone else I didn't think the last budget had any effect on our TRS? Has anyone else found the same? Another feckin cut to budget for on top of the USC O:|
grazia Posts: 740
yup ours went down too. You only get trs for 7 years & the % allowed goes down each year. More infor here if you still think they might have it wrong ring the TRS helpline in revenue. make sure you have your PPS number to hand when you ring
DiamondWife Posts: 1347
Thanks Grazia :thnk
lavendergirl Posts: 478
mine is gone this year too- and with the usc we have no chance of starting our pensions or paying for health insurance this year; disaster >:o(
LastRolo Posts: 6892
Ours was cut this year and is finished next year :weep Currently its €850 and it will go up to near €1200 and thats without PTSB announcing any more interest hikes, which I am sure is unlikely.
Tir na nog Posts: 740
do we not all get TRS until 2017 now if we took out our mortgages from 2004 onwards. Maybe i'm wrond but i thought this was the case.
LastRolo Posts: 6892
No, AFAIK you only get it for 7 years from you take out your mortgage. The 2017 thing is when they are stopping it completely. I think it was introduced for 2010, hence why it is in 7 years time but say, when people in 2012 get their mortgage, they will only get it until 2017, 5 years.
zoesmama Posts: 2774
From the Citizen's Information Website Time limits for mortgage interest relief Your entitlement to mortgage interest relief depends on the start date of your mortgage. If you took out the mortgage in 2003 or earlier, your entitlement expired in 2009 under the provisions of the Supplementary Budget of April 2009. If the start date of your mortgage is between 1 January 2004 and 31 December 2011, the Finance Act 2010 provides that your entitlement to relief will continue at the current rates until the end of 2017. If you take out a mortgage between 1 January 2012 and 31 December 2012, the Finance Act provides for lower rates of relief and lower ceilings on the amounts of qualifying interest. For mortgages taken out after 31 December 2012, no mortgage interest relief will be allowed.
Tir na nog Posts: 740
[quote="zoesmama":isn5g7rq]From the Citizen's Information Website Time limits for mortgage interest relief Your entitlement to mortgage interest relief depends on the start date of your mortgage. If you took out the mortgage in 2003 or earlier, your entitlement expired in 2009 under the provisions of the Supplementary Budget of April 2009. If the start date of your mortgage is between 1 January 2004 and 31 December 2011, the Finance Act 2010 provides that your entitlement to relief will continue at the current rates until the end of 2017. If you take out a mortgage between 1 January 2012 and 31 December 2012, the Finance Act provides for lower rates of relief and lower ceilings on the amounts of qualifying interest. For mortgages taken out after 31 December 2012, no mortgage interest relief will be allowed.[/quote:isn5g7rq] Yeah this is what i read on revenue so i take it since i took out my mortgage in 2006 i'm entitled to TRS until 2017.
LastRolo Posts: 6892
Oh thats excellent news! Sorry for the wrong information but thats what I thought was correct - I stand corrected THANKFULLY!!! :o)ll