Mortgage Interest Relief At Source |
| The UK mechanism by which income tax relief was extended to a borrower on the interest paid on the first œ30,000 of a mortgage on their main home. The system was operated by most building societies, banks and insurance companies, who would reduce the amount of interest eligible borrowers had to pay every month, and then claim the tax relief back from the Inland Revenue. The relief available on MIRAS was gradually scaled down to 10% and ended altogether from April 2000. |
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