What is TRS (Tax Relief at Source)?
From January 2014, Revenue will grant mortgage interest relief (where applicable) only on mortgage interest paid by a customer, rather than mortgage interest charged by the Bank. This is in line with the relevant legislation. As a result, Bank of Ireland will pay TRS only on the amount of mortgage interest that has been paid within the tax year.
This means, if you do not make a mortgage repayment, or pay less than the amount of interest due on your mortgage, your TRS entitlement may be reduced.
This change will have no impact for customers who make repayments that cover the interest charged to their mortgage account.
If you have any queries about your TRS entitlement you can go to: www.revenue.ie.
Call the TRS Helpline on 01 738 3663.
Or email: firstname.lastname@example.org.
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