Is this accurate

godtabh

Just came across this.

Are these figures accurate?

I put in figures for myself (not the ones shown) and what I pay a month and what the calculator is telling me I should pay is way off.

Tax relief is applied automatically isnt it?

seamus

Says that I'm paying about €50 more than I should be. Buts that's based on the new tax relief rates and I haven't paid my mortgage yet this month.

Paulw

Seems close for me too. Don't forget that the rate you are paying may not be the rate they are using there.

godtabh

seamus wrote: »

Says that I'm paying about €50 more than I should be. Buts that's based on the new tax relief rates and I haven't paid my mortgage yet this month.

What are the new tax relieft rates? I havent paid mine either this year.

Paulw wrote: »

Seems close for me too. Don't forget that the rate you are paying may not be the rate they are using there.

But you can change the rate on the website to match your own rate

The_Conductor

kearnsr wrote: »

What are the new tax relieft rates? I havent paid mine either this year

According to the Revenue Commissioners:

n relation to mortgage interest relief, from 1 January 2009, the rate of tax relief for first time buyers will be increased from 20% to 25% in years 1 and 2 of the mortgage and to 22.5% in years 3,4 and 5. This change will benefit first-time buyers who purchased since 1 January 2005.

The rate for years 6 and 7 will remain at 20%. First time buyers relief ends after year 7. The relief for non-first time buyers will be reduced from 20% to 15%.

First Time Buyer (FTB) Status:

Anyone registered for Tax Relief at Source as a First Time Buyer in 2005 will benefit from the recent Budget changes to the TRS relief rates as 2009 will be there 5th year in this status. As a result they will receive relief at the rate of 22.5% for year 5 of FTB status, and 20% for their final two years.

Any current FTB who has been a FTB since 2004 or 2003 and is therefore entering their 6th or 7th year as a FTB will neither gain nor lose as they will continue to enjoy the FTB relief rate of 20% (as they do now) for their final years as FTBs.

Non-First time buyers and those current first time buyers who are now in their 7th year of this status will receive relief at the reduced rate of 15% from the 1st January 2009.

Ceilings:

* No Change
* FTB €10,000 for first 7 years as FTB
* Non FTB €3,000

Relief Rates:

* First Time Buyer- Years 1 & 2: Relief at 25% (Up from 20%)
* First Time Buyer- Years 3, 4 & 5: Relief at 22.5% (Up from 20%)
* First Time Buyer – Years 6 & 7: Relief at 20% (No Change)
* Non First Time Buyers: Relief at 15% (Reduced from 20%)

LillyVanilli

kearnsr wrote: »

Just came across this.


Tax relief is applied automatically isnt it?

Just to answer this, mine wasnt applied at source so am expecting a nice lump sum soon. Ring your bank and they will tell you pretty quickly.