New interest tax relief rate.

Noelie

Does anyone know when the new Interest Tax Relief rates will come into effect, should it be straight away, or is it not for a couple of months.

Victor

If you mean the increase in Mortgage Interest Relief, it is linked to the tax year which starts on 1 January. If you are getting it at source, it should come through on this month's payment, but check with your mortgage provider.

Linford

Victor wrote:

If you mean the increase in Mortgage Interest Relief, it is linked to the tax year which starts on 1 January. If you are getting it at source, it should come through on this month's payment, but check with your mortgage provider.

I wouldn't be 100% sure it will come through this month. Last year it took the revenue 4 months to advise all employers of the new tax credits for each employee. I am not sure if the revenue have to contact all the banks about each account etc. but if they do it make take some time. That might not be a bad thing, with a nice little lump sum in a few months time.

stovelid

Hi Noelie

My mortgage repayment went out today and the revised rate seems to have been applied.

Noelie

Thanks Guys.
Stovelid what bank are you with?

stovelid

aib

Noelie wrote:

Stovelid what bank are you with?