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Continuation of tax relief at same rate

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    #32
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    cgc5483 wrote: »
    While i take your point I don't see how the fact that only 10% of people in negative equity are in arrears I don't see how that equates to the fact that the other 90% of people "do not need assistance at all". Alot of people who aren't in arrears are in such a position because keeping up with mortgage payments is their priority and have barely enough left afterwards to put food on the table and clothes on their families back. The net result of this increase will be to help ease this hardship and through the increase will allow them to spend a little bit more which will only aid the economy.

    They chose to buy. Like you did.
    You don't deserve any more tax relief than I do.


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    #33
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    toby2111 wrote: »
    I bought my house in 2004, I presumed my TRS was due to finish this year because I have the house 7 years.Does todays decision mean I get 30% interest relief until 2017?

    I don't think they extend the period of time (7 years) that you get TRS for.

    They just changed the amount of relief you get.

    Sure if you bought in 2004 your TRS will end this year anyway.

    Bit of a sneaky one by the Government there.


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    #34
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    Zamboni wrote: »
    They chose to buy. Like you did.
    You don't deserve any more tax relief than I do.

    I feel your frustration Zamboni but you have to understand that the lobby groups in this country are more important to the government than the taxpayers.


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    #35
    toby2111
    Registered Users Posts: 2,280 ✭✭✭toby2111


    mathie wrote: »
    Bit of a sneaky one by the Government there.

    Yeh,seems like more lies.So if you bought in 2004,you dont get 30% relief.As of from 1st Jan 2012,you get none.

    Edit-sorry saw this on revenue.ie-"Mortgages taken out from 1st January 2004 to 31st December 2011, subject to qualifying mortgage criteria, are eligible for mortgage interest relief until 31st December 2017."Going to ring and see what the story is


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    #36
    cgc5483
    Registered Users Posts: 640 ✭✭✭cgc5483


    Zamboni wrote: »
    They chose to buy. Like you did.
    You don't deserve any more tax relief than I do.

    Irrespective of choice or not lots of 1st time buyers from this period are in serious problems with their mortgage payments and if it helps prevent defaults and increases peoples spending power in the long term it will add much more to the economy that it costs the taxpayer.

    And to describe it as tax relief is a misnomer since it's applicable to everybody irrespective of whether they are paying tax or not


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    #37
    cgc5483
    Registered Users Posts: 640 ✭✭✭cgc5483


    toby2111 wrote: »
    Yeh,seems like more lies.So if you bought in 2004,you dont get 30% relief.As of from 1st Jan 2012,you get none.

    Edit-sorry saw this on revenue.ie-"Mortgages taken out from 1st January 2004 to 31st December 2011, subject to qualifying mortgage criteria, are eligible for mortgage interest relief until 31st December 2017."Going to ring and see what the story is

    Pretty sure that it was stated in the previous budget that it would apply until end 2017 for everyone in 2004-2008 period.


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    #38
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    cgc5483 wrote: »
    Irrespective of choice or not lots of 1st time buyers from this period are in serious problems with their mortgage payments and if it helps prevent defaults and increases peoples spending power in the long term it will add much more to the economy that it costs the taxpayer.

    And to describe it as tax relief is a misnomer since it's applicable to everybody irrespective of whether they are paying tax or not

    Apologies that last bit was my error.

    The simple fact is the people in this bracket are being compensated by the tax payer for purchasing in a specific period. This is utterly wrong and unjustifiable.
    Robbing from the smart to give to the not so smart.


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    #39
    cgc5483
    Registered Users Posts: 640 ✭✭✭cgc5483


    Zamboni wrote: »
    Apologies that last bit was my error.

    The simple fact is the people in this bracket are being compensated by the tax payer for purchasing in a specific period. This is utterly wrong and unjustifiable.
    Robbing from the smart to give to the not so smart.

    Yes you are correct that these people are being compensated by the tax payer. My point is that I believe it is justifiable in the context of the current predicaments.

    To suggest that those who bought during this period are "not so smart" and those who didn't are smart is easy to do after all hindsight is a wonderful thing.


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    #40
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    cgc5483 wrote: »
    Yes you are correct that these people are being compensated by the tax payer. My point is that I believe it is justifiable in the context of the current predicaments.

    To suggest that those who bought during this period are "not so smart" and those who didn't are smart is easy to do after all hindsight is a wonderful thing.

    Hindsight? Seriously?
    If you came on here and asked if people thought that was a good idea when you bought in early 2008 you would have been told it was certainly not a good idea. You have now suffered 3 years of property price decreases.
    You cannot objectively stand back and see why this decision is unjustifiable because you are biased and emotionally involved in the decision.

    I do not care who bought or when they bought but I know that compensating anyone for a purchase of this nature, after the fact, is unethical, uneconomical and a waste of tax payer money.


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    #41
    cgc5483
    Registered Users Posts: 640 ✭✭✭cgc5483


    Zamboni wrote: »
    Hindsight? Seriously?
    If you came on here and asked if people thought that was a good idea when you bought in early 2008 you would have been told it was certainly not a good idea. You have now suffered 3 years of property price decreases.
    You cannot objectively stand back and see why this decision is unjustifiable because you are biased and emotionally involved in the decision.

    I do not care who bought or when they bought but I know that compensating anyone for a purchase of this nature, after the fact, is unethical, uneconomical and a waste of tax payer money.

    Not everything in life is black and white. What i said is that i did believe it was justifiable in the current context.


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    #42
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    the groutch wrote: »
    Dades wrote: »
    It's not the rates that are killing people it's the price they paid for the house.
    no, it's the fact that so many of them have since lost their jobs
    negative equity means very little once you still have the means to continue making repayments
    That's probably fair to say.


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    #43
    subzeropeck
    Closed Accounts Posts: 2 ✭subzeropeck


    Cant believe they didnt include 2009!!!!infuriating, we bought in 2009 and houses on our street are selling for less than half the price we paid for ours


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    #44
    air
    Registered Users Posts: 2,822 ✭✭✭air


    I think including 08 was generous tbh, the writing was certainly on the wall in 07.


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    #45
    arikv
    Registered Users Posts: 247 ✭✭arikv


    subzeropeck wrote: »
    Cant believe they didnt include 2009!!!!infuriating, we bought in 2009 and houses on our street are selling for less than half the price we paid for ours

    I'm in the same boat, as I bought (FTB) in 2011 and asking prices in the Area (south County Dublin) are now 10-20% less than what we actually paid for! I didn't buy the house to make profit, but do not like the idea of not being able to trade up in the next few years as work/schools situation could change.


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