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TRS letter from Revenue - am I entitled?

  • 29-05-2009 12:19pm
    #1
    dubdub123
    Registered Users, Registered Users 2 Posts: 267 ✭✭


    Hi just got the TRS letter from revenue, telling me that our TRS payment is being suspended. Within the letter it indicates that first time buyers & non first time buyers can still claim and goes on to state..
    "The entitlement is only for a loan taken out for a new home [even if not your first home] or a new top up loan for the purposes of improving an existing home."

    We are non ftb, and bought our house in 2006, but this is a second hand home.

    I've seached online and could not see anywhere that new homes are eligible but second hand homes are not.. I'm not sure if they just mean "new" as in a new home to us..
    On the online declaration it just asks for a/c number and mortgage provider details .. Any one got any clarification on this ?


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    That's odd.

    Because nowhere on the revenue website does it state that TRS is only available on new homes. In fact, according to revenue:
    A qualifying loan for the purpose of mortgage TRS is a secured loan, used to purchase, repair, develop or improve your sole or main residence, situated in the State.
    So your loan would appear to qualify.

    I would suggest that you ring revenue directly to clarify.


  • #3
    Limestone1
    Registered Users, Registered Users 2 Posts: 856 ✭✭✭Limestone1


    The Revenue's interpretation of the new rules is that any new loan taken out since 1st Jan 2003 qualifies for 7 years TRS from the date of that loan. Therefore you are entitled to TRS from the date in 2006 that you bought.
    The online form is pretty basic but in your case you just need to give the account details and say the mortgage was not a 'switcher'.

    If you need clarification just give them a call, I found them very helpful and friendly, surprisingly enough !


  • #4
    Past30Now
    Registered Users, Registered Users 2 Posts: 380 ✭✭Past30Now


    Limestone1 wrote: »
    The Revenue's interpretation of the new rules is that any new loan taken out since 1st Jan 2003 qualifies for 7 years TRS from the date of that loan.

    Only loans taken out to buy a house or refurb/extend a house will qualify for the tax relief. Any refinancing loans will not extend the period of qualification.

    Example.

    Purchase house in 2004 for €500K. New mortgage taken out for €450K. THis loan will qualify for the years 2004 - 2010.

    In 2006, changed mortgage lender for remainder of mortgage. This loan will continue to qualify until 2010.

    In 2007, borrowed extra €50K to extend kitchen/refurb. Balance of loan will continue to qualify until 2010. New €50K will qualify for the period 2007 - 2013.


    Regards,

    Past30


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