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The way TRS is treated with arrears

  • 18-01-2019 11:07am
    #1
    Captain Obvious
    Registered Users Posts: 4,165 ✭✭✭


    Perhaps someone can clarify this for me. EBS tell me that the revenue only allows TRS on interest both charged and paid in the calendar year. Not sure if this is correct but I'll accept it as true for now. If I make a partial payment one of the months, they don't treat this as interest for the calendar year for the purpose of TRS. Yet at the same time they don't seem to treat it as a reduction in capital because that doesn't change. That's the first discrepency I'm having trouble with.



    Now the following month I pay the full amount. They treat that as a payment for that month and still maintain I owe arrears from the previous month. That seems fair enough. But for the purpose of TRS calculations they don't seem to count the payment for that month, presumably marking it as a payment of arrears. According to EBS, they can only apply TRS on a monthly basis when the full amount is paid. So if you miss a month or only partially pay for that month, you lose 1/12th of your annual TRS allowance permanently.


    I'm trying to contact Revenue about this but can anyone confirm this in the meantime or direct me to this rule set by the Revenue?


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