Changes to Tax Relief at Source (TRS)

From 1st January 2014, the method by which Tax Relief at Source (TRS) is calculated has changed.

What's changing?

Up to 31st December 2013, TRS was calculated based on the amount of interest which has been charged on a Mortgage Account. From 1 January 2014, TRS has been calculated based on the amount of interest actually paid on a Mortgage Account.

It is important to note that the above changes will have no impact on your Mortgage Account where a full mortgage repayment is made on time each month.

Where you do not make the required monthly interest repayment each month then the abovementioned changes will impact your Mortgage Account and it is unlikely that you will receive full TRS.

Tax Relief at Source FAQs
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