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Beware ICS giving out wrong information.

  • 14-01-2010 11:18am
    #1
    lubie76
    Registered Users, Registered Users 2 Posts: 1,152 ✭✭✭


    Got a statement of my TRS there from my Building Society and as I hadn't received any TRS from my relatively new mortgage, I had assumed it was beacause the sale of my last house wasn't finalised until Dec '09.

    I bought my first house in Aug 06 as a ftb and sold it and got a new mortgage with my partner ( a new ftb) in Aug 09 so he should be entitled to the full TRS and I should have been entitled to some as a non ftb in the 3rd year out of 7 - right? Not according to ICS who proceeded to tell me that neither of us would be entitled to anything as I was a non ftb.

    Now I'm not the most savvy of people when it comes to tax etc. (or else I would have went straight to the Revenue instead of my building society, doh!) but surely they should have known that you are entitled to interest relief for the first seven years even as a non ftb and to say that my partner was entitled to nothing at all as I had a previous mortgage was complete rubbish.

    I knew it wasn't right so rang the revenue who didn't seem too surprised with the misinformation I had been given by ICS and sorted it all out for me regarding refunds etc.

    Surely if ICS are sending out TRS certificates they should have some knowledge of how it works.


Comments

  • #2
    mickbyrne
    Closed Accounts Posts: 164 ✭✭mickbyrne


    ICS are a bank. Banks are not tax consultants and you should never assume information they are giving out is correct. It may be the banks interpretation of the rules, which most of the time is correct because they will have had it verified, or it may be one of their employees interpretation of the rules, which more often than not is incorrect.

    Regards,
    Michael


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Banks are not staffed by capable people. What country have you been living in?


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