New interest tax relief rate.

Noelie · 03-01-2007 7:50pm #1

Does anyone know when the new Interest Tax Relief rates will come into effect, should it be straight away, or is it not for a couple of months.

Victor · 04-01-2007 2:52pm

If you mean the increase in Mortgage Interest Relief, it is linked to the tax year which starts on 1 January. If you are getting it at source, it should come through on this month's payment, but check with your mortgage provider.

Linford · 04-01-2007 4:07pm

Victor wrote:

If you mean the increase in Mortgage Interest Relief, it is linked to the tax year which starts on 1 January. If you are getting it at source, it should come through on this month's payment, but check with your mortgage provider.

I wouldn't be 100% sure it will come through this month. Last year it took the revenue 4 months to advise all employers of the new tax credits for each employee. I am not sure if the revenue have to contact all the banks about each account etc. but if they do it make take some time. That might not be a bad thing, with a nice little lump sum in a few months time.

stovelid · 04-01-2007 5:00pm

Hi Noelie

My mortgage repayment went out today and the revised rate seems to have been applied.

Noelie · 04-01-2007 7:22pm

Thanks Guys.
Stovelid what bank are you with?

stovelid · 05-01-2007 3:40pm

aib

Noelie wrote:

Stovelid what bank are you with?

New interest tax relief rate.

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