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trs from 2006

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  • 19-12-2012 7:54pm
    #1
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭


    did anyone else get a letter from ebs saying their trs has been quartered?

    is this correct, i bought in may/junw 2006.


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    #2
    Annasopra
    Registered Users Posts: 41,065 ✭✭✭✭Annasopra


    Moved to more relevant forum

    It was so much easier to blame it on Them. It was bleakly depressing to think that They were Us. If it was Them, then nothing was anyone's fault. If it was us, what did that make Me? After all, I'm one of Us. I must be. I've certainly never thought of myself as one of Them. No one ever thinks of themselves as one of Them. We're always one of Us. It's Them that do the bad things.

    Terry Pratchet



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    #3
    talkabout
    Registered Users Posts: 695 ✭✭✭talkabout


    Looks like a mistake, should be getting increase rate of 30% till Dec 2017


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    #4
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    thats what i thought?

    am i only eligible for 7 years toal or up until the end of 2017?


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    #5
    talkabout
    Registered Users Posts: 695 ✭✭✭talkabout


    matt-dublin wrote: »
    thats what i thought?

    am i only eligible for 7 years toal or up until the end of 2017?

    My understanding is that you get the 30% relief until Dec 2017 when it ends. My neighbour got a similar letter, certain it has to be a mistake but bad form from EBS.


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    #6
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    as you bought in 2006 you are currently in year 7 of trs
    next year in 2013 you will be in year 8

    you are correct in that you should be getting trs at a rate of 30%

    the thing is your ceiling is reducing from 10,000 per person to 3,000 per person.

    trs is calculated on 30% of the interest or ceiling, whichever is lower.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #7
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    but surely it shouldnt apply until 7 years after i start paying the mortgage not 6 years 6 months?


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    #8
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    the year for trs ends on 31st december no matter when you drew down.
    you could have drawn down on 1st december and this would have been your first year over and done with, in 1 month.

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #9
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    scam, and will probably put me out of home.

    mortgage going up my 290 euros


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    #10
    rameire
    Registered Users Posts: 4,152 ✭✭✭rameire


    matt-dublin wrote: »
    scam, and will probably put me out of home.

    mortgage going up my 290 euros

    tis the way trs is worked

    🌞 3.8kwp, 🌞 Split 2.28S, 1.52E. 🌞 Clonee, Dub.🌞



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    #11
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    matt-dublin wrote: »
    scam, and will probably put me out of home.

    mortgage going up my 290 euros

    not wishing to sound harsh. But you should have considered whether you were able to pay the mortgage without the interest relief. It isn't there forever and shouldnt have come into the equation!

    So because you effectively got money off your repayments that runs to a tax year as opposed your calender year you think its a scam?? How so?


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    #12
    matt-dublin
    Registered Users Posts: 4,468 ✭✭✭matt-dublin


    peteb2 wrote: »

    not wishing to sound harsh. But you should have considered whether you were able to pay the mortgage without the interest relief. It isn't there forever and shouldnt have come into the equation!

    So because you effectively got money off your repayments that runs to a tax year as opposed your calender year you think its a scam?? How so?

    I bought with a lot of the rest of the country with the plans of this being a short term investment first property.

    I knew the trs would go but had intended in not having this mortgage by now.

    The reason I was shocked was I thought my previous rate of trs was maintained until at least the calendar date to possibly 2017z I wasn't aware it applied to the tax year only.


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    #13
    Annasopra
    Registered Users Posts: 41,065 ✭✭✭✭Annasopra


    peteb2 wrote: »
    not wishing to sound harsh. But you should have considered whether you were able to pay the mortgage without the interest relief. It isn't there forever and shouldnt have come into the equation!

    So because you effectively got money off your repayments that runs to a tax year as opposed your calender year you think its a scam?? How so?

    That's ridiculous.

    In 2006 TRS was not restricted to 7 years

    It was so much easier to blame it on Them. It was bleakly depressing to think that They were Us. If it was Them, then nothing was anyone's fault. If it was us, what did that make Me? After all, I'm one of Us. I must be. I've certainly never thought of myself as one of Them. No one ever thinks of themselves as one of Them. We're always one of Us. It's Them that do the bad things.

    Terry Pratchet



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    #14
    peteb2
    Registered Users Posts: 1,813 ✭✭✭peteb2


    How is it ridicilulous? I bought a house in 2006. I wasn't informed that TRS was forever. Just 7 years.


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