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Mortgage Cashback Tax Implications?

  • 25-10-2019 8:53am
    #1
    liam.mcb13
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi,

    Just wondering if anybody can provide some clarity on whether BOIs 2% cashback offer is taxable after drawdown?

    Thanks


Comments

  • #2
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Liam.mcb13,

    Thanks for getting in touch with us here.

    The mortgage cash-back offer is applied to your current account after the draw-down of your mortgage. It isn't subject to DIRT as it is a bonus from BOI. In general the mortgage cash-back doesn't create any adverse tax implications as it arises from a large, once-off transaction and there's no disposal of an asset.

    We would note that this would depend on the individual customer and their own circumstances, for example tax liability may be different for those who are residents of another country for tax.

    I hope this information helps and if you have any further queries on this our mortgage team are available on 01611333 and will be happy to discuss this with you.

    Many thanks,
    Kat


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