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TRS being incorrectly applied

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  • 03-01-2012 1:50pm
    #1
    D3PO
    Registered Users Posts: 7,879 ✭✭✭


    Pretty sure following the new calender year my TRS is wrong.

    Its more than halved this month compared to last and if Im not mistaken the application of relief should have increased from 20% to 30% as per the budget as an FTB.

    Now obviously lower interest rates would impact the figure but the Im pretty sure a non FTB rate of 25% is being applied.i if you consider the lower ceiling of 3,000 as opposed to 10,000

    Does anybody have a contact number or email address that I can use to discuss this with somebody and have them look into this Ive checked the revenue site but cant find the applicable number and really dont fancy playing phone tennis.


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Update : Found the number and spoke to the revenue.

    Apparantly the banks dont have a system to apply 30% right now so im getting 25% right now to be backdated once they sort their system out.

    Problem solved :)


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    #3
    ronan45
    Registered Users Posts: 1,584 ✭✭✭ronan45


    D3PO wrote: »
    Pretty sure following the new calender year my TRS is wrong.

    Its more than halved this month compared to last and if Im not mistaken the application of relief should have increased from 20% to 30% as per the budget as an FTB.

    Now obviously lower interest rates would impact the figure but the Im pretty sure a non FTB rate of 25% is being applied.i if you consider the lower ceiling of 3,000 as opposed to 10,000

    Does anybody have a contact number or email address that I can use to discuss this with somebody and have them look into this Ive checked the revenue site but cant find the applicable number and really dont fancy playing phone tennis.

    Same happened me. My mortgage direct debit shot up by near 100 euro !


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    #4
    NIMAN
    Registered Users Posts: 33,602 ✭✭✭✭NIMAN


    Same thing here. Halved on a mortgage I have had for just over a year.

    So I still don't understand fully, is it going back to the original amount again or is this new figure what I will be receiving from now on?


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    #5
    arikv
    Registered Users Posts: 247 ✭✭arikv


    NIMAN wrote: »
    Same thing here. Halved on a mortgage I have had for just over a year.

    So I still don't understand fully, is it going back to the original amount again or is this new figure what I will be receiving from now on?

    I'd also like to know, bought in 2011 as well, and TRS halved.
    According to the (up to date btw) TRS calculator:
    http://www.mortgages.ie/index.cfm/spKey/first_time_buyers.tax_relief_calculator.html
    I'm on calendar year 2 of my Mortgage, but already on 4th year TRS.
    Don't understand but will ring bank first thing tomorrow to ask them about calculation.


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    #6
    bladita
    Closed Accounts Posts: 1 ✭bladita


    D3PO wrote: »
    Update : Found the number and spoke to the revenue.

    Apparantly the banks dont have a system to apply 30% right now so im getting 25% right now to be backdated once they sort their system out.

    Problem solved :)

    What bank are you with D3PO? I am with PTSB and the increase I can see is less than I calculated, tx


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    #7
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    bladita wrote: »
    D3PO wrote: »
    Update : Found the number and spoke to the revenue.

    Apparantly the banks dont have a system to apply 30% right now so im getting 25% right now to be backdated once they sort their system out.

    Problem solved :)

    What bank are you with D3PO? I am with PTSB and the increase I can see is less than I calculated, tx


    Im with AIB but thats irrelevent I spoke to the revenue directly who advised none of the banks have the ability to apply 30% right now


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    #8
    Posy
    Moderators, Recreation & Hobbies Moderators Posts: 27,567 Mod ✭✭✭✭Posy


    I just checked my bank statement and my TRS in January is over €100 less than I have been getting since I bought my house in June.
    Who did you contact about this, D3PO? :(


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    #9
    ronan45
    Registered Users Posts: 1,584 ✭✭✭ronan45


    LOL so thats it they dont have the ability to edit their systems:confused:..... Ok.... ill guess we shall just carry on :eek:
    Hope they sort it soon :rolleyes:
    I dont have the ability to edit my system to pay them the last interest rate hike from last year either :o


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    #10
    copacetic
    Subscribers Posts: 16,587 ✭✭✭✭copacetic


    D3PO wrote: »
    Pretty sure following the new calender year my TRS is wrong.

    Its more than halved this month compared to last and if Im not mistaken the application of relief should have increased from 20% to 30% as per the budget as an FTB.

    Now obviously lower interest rates would impact the figure but the Im pretty sure a non FTB rate of 25% is being applied.i if you consider the lower ceiling of 3,000 as opposed to 10,000

    Does anybody have a contact number or email address that I can use to discuss this with somebody and have them look into this Ive checked the revenue site but cant find the applicable number and really dont fancy playing phone tennis.

    When did you buy, although the 30% rate is new, the ceiling didnt change so you only get 10k ceiling for first seven years. After that you get 30% on a 3k ceiling according to here

    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html


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