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Mortgage Affects on Medical Card Entitlement

  • 03-02-2016 3:57pm
    #1
    blueredface
    Registered Users, Registered Users 2 Posts: 61 ✭✭


    Hi there,

    I have two question if someone could advise if they know or have similar experience.

    Part 1:

    I have been renting all of my life since I started job, would there be affect of Mortgage repayment on tax credits, PRSI, USC, income tax etc.? I mean could I get any additional tax credits or tax relief on PRSI, USC or Income Tax in any sort?

    Due to my Net Income and dependent family size, I was given Medical Card for whole of family which is expiring in a year time, would that affect my Medical card entitlement as I have now been paying mortgage instead of rent which is slightly lower than monthly rent?

    Part 2:
    I recently bought property in Dublin 15 area during last quarter of 2015 with LPT valuation band between 100,001 to 150,000.

    I paid part of LPT to last owner as he has paid in full for 2015.
    I've received letter from LPT, Revenue to pay LPT for 2016 and its record also shown as outstanding payment on my Revenue Online account.

    Before I go ahead to pay LPT, I just want to know if I'm eligible for any Deferral or can waive off full or part of LPT charges as I have heard there is Income Threshold based on gross income for past year(s). I've read on Revenue website but couldn't understand what is it and how it works.

    I'm just wondering if there is any formula that is based on Income threshold that calculate gross income, number of dependents that could give me relief in any way for paying less LPT?


    Thanks and would appreciate your suggestions.


Comments

  • #2
    Immaculata
    Registered Users, Registered Users 2 Posts: 244 ✭✭Immaculata


    I think it's impossible to say if your lower outgoings per annum (lower cost of paying mortgage rather than paying rent) will affect your entitlement to a medical card, without knowing your financial situation overall. So I suggest you call the medical card information line on 1850 24 1850 and ask.

    As far as paying less LPT goes, I don't think there's any way of getting out of it. I mean, as you say, you can apply for a deferral but eventually you'll have to pay the thing plus 4% interest. You can't, unfortunately, waive the tax. The revenue website says, for a couple, which I'm going to assume you are part of, your joint income must be less than €25,000 plus 80% of gross mortgage interest payments to apply for a full deferral, or €35K plus 80% of gross mortgage interest payments to apply for a 50% deferral. So I suggest you ring your mortgage provider/bank/building society to see what your gross mortgage interest payments are, and then look at your and your spouse's annual income. That'll tell you whether you can apply for a full or half deferral. Check out all the details here: http://www.revenue.ie/en/tax/lpt/income-threshold.html#section2

    Sorry not to be more help.


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