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Reduction of "Tax Relief at Source"

  • 08-12-2005 10:45am
    #1
    Benedict XVI
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭


    Just got a letter from the Mortgage company yesterday saying that the amount of our re-payments that are paid by the Revenue (TRS) is going down and as a result the amount we have to pay on or mortgage will go up.

    There were no other details. What would have to change to bring about this reduction in what the Revenue pay ?


Comments

  • #2
    s_gr
    Registered Users, Registered Users 2 Posts: 315 ✭✭s_gr


    As far as i know you get extra relief for the first 5 -7 years which then reduces after that. That is probably what is happening.


  • #3
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,986 Mod ✭✭✭✭Moonbeam


    all info is on revenue.ie


  • #4
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭yop


    Out of interest, we go out mortgage in April, how would we know that we are get our TRS?


  • #5
    Cuauhtemoc
    Registered Users, Registered Users 2 Posts: 462 ✭✭Cuauhtemoc


    Out of interest, we go out mortgage in April, how would we know that we are get our TRS?

    If you haven't applied for it, you aren't getting it.
    You can apply online on the revenue site for it. You need your mortgage a/c number and a few other things. Just be careful about the mortgage account number as my bank uses 2 numbers, a reference for me and the one the revenue need. Of course i gave the revenue the wrong one and someone else got my trs. Was rectified very quickly though.


  • #6
    Benedict XVI
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭Benedict XVI


    s_gr wrote:
    As far as i know you get extra relief for the first 5 -7 years which then reduces after that. That is probably what is happening.

    We have only had the mortgage for less than I year.
    If I cannot find it on revenue.ie I will ring them


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  • #7
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,332 ✭✭✭✭loyatemu


    you also only get the increased relief for your first mortgage, so if you move house after a year (for example), your new mortgage will only attract the standard relief.


  • #8
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Benedict XVI wrote:
    We have only had the mortgage for less than I year.
    If I cannot find it on revenue.ie I will ring them
    Has your tax status changed? If you are paying less tax because of lower income, AFAIK the TRS can't exceed the amount of tax you pay.


  • #9
    Benedict XVI
    Registered Users, Registered Users 2 Posts: 1,377 ✭✭✭Benedict XVI


    I rang the mortgage company about it and it turns out that the reduction is because for the first few months we were getting 'backpay' from the revenue. i.e. we did not apply for TRS until a few months into our mortage and the revenue were compensating us for the months we missed.


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