Tax Relief at Source (TRS) - Mortgage Interest Relief
From January 2014 Revenue will grant tax relief in respect of mortgage interest payments (TRS) only on the amount of interest paid on an eligible mortgage account. This change is to fully align the payment of TRS with the relevant legislation.
As a result, from January 2014 AIB can only grant TRS based on the amount of interest actually paid by the borrower within a tax year.
This change will have no impact for customers who make repayments that cover interest on their mortgage account.
In instances where customers do not make payment(s) or pay less than the amount of interest on their account, then the TRS entitlement may be reduced.