TRS relief

blahblah06

Hi lads
Does anyone know what happens to a first time buyer after 7 years does the trs disappear?
Bought in OCT 05

cookie1977

yes it just stops.

Milk & Honey

Isn't there special relief for people who bought between 2004 and 2008?

cookie1977

Ooops yes you're right. i thought that was only for those who took out the mortgage in 2008 but it's from 2004-2008:

What changes arose from the Budget Announcement on 6th December 2011 [Budget 2012]
From 1st January 2012 the rate of mortgage interest relief for first time buyers who took out their first mortgage between the years 2004 to 2008 and are residing in the property increased to 30% until 2017. If you took out a loan outside of these dates the existing rules remain unchanged. (see rates/ceilings chart)

http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

um7y1h83ge06nx

cookie1977 wrote: »

Ooops yes you're right. i thought that was only for those who took out the mortgage in 2008 but it's from 2004-2008:


http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

So, does that mean it still has a 7 year limit just at 30% or will it continue until 2017 regardless?

Hang on, I think I've answered my own question:

Mortgage start date and entitlement to relief

Your entitlement to mortgage interest relief begins in the first year in which you make a payment of qualifying interest, as follows:

If you started paying the mortgage in 2003 or earlier, your entitlement expired in 2009.
For a mortgage taken out between 1 January 2004 and 31 December 2012, your entitlement to relief will continue until the end of 2017.
If you are a first-time buyer who bought a sole or main residence between 1 January 2004 and 31 December 2008, or paid your first mortgage interest payment in this period, the Finance Act 2012 provides for a special rate of mortgage interest relief of 30% for the tax years 2012 to 2017.
If you start paying interest on a mortgage between 1 January 2012 and 31 December 2012, the Finance Act 2012 provides for the 2011 rates of mortgage interest relief to apply – it had been previously proposed to reduce them in 2012.
No mortgage interest relief will be allowed for mortgages taken out after 31 December 2012.

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html

D3PO

OP you will get relieft until 2017

It is a reduced rate though max relief €75 a month but still better than nothing.