Mortgage interest relief?

cojomo2

question:

if you are paying little or no income tax, are you still entitled to mortgage interest relief?

i.e couple getting a tiny mortgage when both are earning min wage

or, having a mortgage but then loosing your job for 2 yrs, during theses two years you claim benefits...do u still get interest relief despite the fact you are paying no tax?

thanks

jhegarty

Yes, you get TRS no matter how much you do/don't earn.

cojomo2

what does TRS stand for?

is there anything online that backs this up? My dad and bro seem to think I /you am wrong and that 1 must pay income tax to avail of this...thanks for the reply

Thoie

TRS is Tax Relief at Source (ie the bank, the source, applies the tax relief for you)

Section 11 here:

11. I am not working. Am I entitled to TRS?

Yes. The introduction of mortgage TRS extended mortgage interest relief to non-taxpayers. Since 2002, you do not have to be earning a taxable income to be eligible for TRS.

cojomo2

Great stuff, thanks;)

faceman

Did i just hear something on the news that interest relief is changing from Friday unexpectedly?? Just caught the end of something on Newstalk.