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TRS

  • 19-01-2012 12:54pm
    #1
    dollyk
    Registered Users, Registered Users 2 Posts: 602 ✭✭✭


    hi all, i bought my house in 2006. I am married, can anyone please tell me about the 30% and how much i will benifit ?.
    Latest statement says.
    Interest for year ending 11 = 4,14099
    Tax relief claimed = 828.20
    So how much will this change. I really dont understand when i read up on it. thanks.


Comments

  • #2
    Paraic OMuir
    Registered Users Posts: 9 ✭Paraic OMuir


    The tax relief for you has increased from 20% to 30%.
    You will probably pay slightly less interest in 2012.
    But for example if you paid the same interest as 2011 of €4,140
    The Tax relief you would receive would increase from €828 to €1242.
    30% of €4,140 (Interest in Year) = €1,242


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    The amount of TRS you get will vary from year to year. As the mortgage progresses, the amount of interest you're paying off keeps going down.

    TRS gives you relief on the interest that you're paying on your mortgage. In your case last year you paid €4,140 in interest (as part of your standard monthly repayment) and you were entitled to relief on that amount @ 20%. This gives the €828 figure.

    The last budget changes means that you are now entitled to 30% relief on your interest for the coming year. Assuming that you will pay €4,000 in interest in 2012, then your relief will be €1200, or €100/month. However as I mention, your interest amount will continue to decrease and so too will your TRS with it.


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