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TRS Credits while working and living in UK?

  • 16-01-2012 09:01PM
    #1
    BreffniWeffni
    Closed Accounts Posts: 8 ✭


    Hi All

    Can I get Tax Relieve @ Source on mortgage here in Dublin if I move to UK and live and work there (and rent out the place here)?

    Thanks


Comments

  • #2
    Daxve
    Registered Users, Registered Users 2 Posts: 166 ✭✭Daxve


    No TRS is for owner occupiers only the property must be your principal private residence. If you rent the property you must give up the TRS on it.

    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html


  • #3
    smeharg
    Registered Users, Registered Users 2 Posts: 300 ✭✭smeharg


    No you can't claim TRS for the reasons outlined by Daxve.

    You will be liable to Irish tax on the rental income. You can deduct 75% of the gross mortgage interest charged from the rental income.

    You could also be liable in the UK if you are resident there, but you'd get credit for any tax paid in Ireland.

    You'd also still be liable for the Non-Principal Private Residence Charge and the Household Charge.

    And watch out for a clawback of stamp duty relief if you purchased within the last 2 years.


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