Trs trs trs trs trs trs

rameire

Ok
So as I suspected trs will not have anything to do with negative equity.

if you have a mortgage and you are receiving TRS, you will continue to receive TRS upto and including 2017.

Year 1 & 2 at 25% Ceiling 10,000
Year 2 & 3 & 4 at 22.5% Ceiling 10,000
year 6 & 7 at 20% Ceiling 10,000
all years there after at 15% Ceiling 3,000 Ending 31/12/2017

If you Topped up or purchased in the last 6 years and were receiving TRS at the rate of 15%, you will continue to receive TRS at the rate of 15%.

If you purchase a property and it is your first property either in 2010 or 2011 you will receive TRS up to and inluding 2017 at the current rates.

2010 yr1 25% ceiling 10,000 per person
2011 yr2 25% ceiling 10,000 per person
2012 yr3 22.5% ceiling 10,000 per person
2013 yr4 22.5% ceiling 10,000 per person
2014 yr5 22.5% ceiling 10,000 per person
2015 yr6 20% ceiling 10,000 per person
2016 yr7 20% ceiling 10,000 per person
2017 yr8 15% ceiling 3,000 per person

Obviously if you buy this Year you will receive 8 yers of trs.
If you buy in 2011 you will receive trs for 7 years.

If your Trs has expired prior to 1/1/2010 and you purchase a new private residence or top up your mortgage in 2010 or 2011 you will receive TRS at the rate of 15% on a ceiling of 3,000 up to 31/12/2017. ( only on the new borrowing amount )

If you are a First Time Buyer and you purchase ( top up ) in 2012 you will only receive TRS at a rate of 15% on a ceiling of 3,000 up to 31/12/2017.

If you are not a First Time Buyer and you purchase ( top up ) in 2012 you will only receive TRS at a rate of 10% on a ceiling of 3,000 up to 31/12/2017.

If anybody purchases on or after 1/1/2013 you will not receive TRS ( tough )

TRS will be totally abolished in 2018.


All ceilings above are shown for one person.
below are some different ceilings possible.
3,000 one person
6,000 two people
10,000 one person
13,000 two people
20,000 two people

Lanshane

Hi Rameire,

My wife and I purchased in 2003 and our relief seems to have changed, but not gone from reading my mortgage statement. I was under the impression that our TRS would end last year(7 Years). Does this mean now that we will be entitled to 15% on a ceiling of 6000 (For both of us) until end of 2017? This will certainly be a well wanted help if it is the case. I presume that if Minister Lenihan hadn't announced the TRS change in the budget we would be getting no TRS and this would have been reflected in our mortgage repayments in January going up, am I right? I did try to ring the TRS office but they would not answer the phone even though according to the voice machine I was next in line but quite frankly I have a job to be doing!

Thanks for your help:)

rameire

in reality you should no longer be receiving trs.
if you are receiving trs it would be at the 15%.
have you topped up in the last 6 years, that might be a reason.
ill pm you a number for the revenue, thats not the 1890 one.

Lanshane

No but we started the build in 2003 and withdrew 2 stage payments in 2003, followed by another 3 in 2004 until the house was completed. Maybe this could be taken for a top-up?
Even if we paid the full amount in 2003, are we not entitled to TRS at 15% of 6000 or interest (whichever is lower) until end of 2017 as a result of December 2009 budget?
Tks a mil.

rameire

its because you were still drawing down the mortgage in 2004 so you will still get trs until 31/12/2017

it really depends on how your bank reports to the revenue.
you may have received your final amout of trs on the funds drawndown in 2003, but you may be now on your final year at a ceiling of 10,000 per person on the funds drawn in 2004, and then in 2011 and onwards you will receive 15%

Lanshane

Great. So that's 15% on 6000 for two of us or interest (whichever is lowest) till end of 2017?
I'll give them a ring also, hopefully they will be near as helpful as you have been...Thanks so much:D