Talk:Mortgage interest relief at source

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THIS ARTICLE IS WRONG ABOUT THE MEANING OF MIRAS The term MIRAS refers only to an administrative change in the way mortgage relief was granted. Originally, mortgage interest relief was claimed by treating it as a deduction on tax claims. This was changed with the introduction of MIRAS. Under MIRAS, the lender claimed standard rate tax releiuf rom the government and then passed this on to the borrower in the for of a lower interest rate. That is why it is called Mortgage Interest Relief At Source. I'm afraid I lack the technical skill to risk changing the main article. — Preceding unsigned comment added by Gobanian (talk • contribs) 05:25, 16 January 2013 (UTC)

Quevedo (talk) 15:10, 25 April 2014 (UTC)It is far from clear that MIRAS was introduced to encourage home ownership. The 1969 budget removed the deduction of most interest payments from taxable income, leaving just a few exceptions - such as mortgage interest on one property up to loan value of £20,000. Mortgage interest was already tax-deductible before the 1969 budget. http://hansard.millbanksystems.com/commons/1969/apr/15/disallowance-of-tax-relief-on-interest

This paper http://www.cih.org/resources/PDF/Policy%20free%20download%20pdfs/Dreams%20and%20reality.pdf by the Chartered Institute of Housing (page 23) backs up the two comments above: MIRAS was a new *method* for applying tax relief on mortgage interest - while the tax relief itself "dates back to the origins of income tax at the beginning of the 19th century" when it was a deductible expense offsetting 'Schedule A' tax on imputed/in-kind rental income. Thus it cannot be argued that MIRAS was introduced to encourage home ownership (the relief was there already) - only that continuing the tax relief after its corresponding Schedule A tax was abolished in 1963 would be an enhanced subsidy on home purchase. — Preceding unsigned comment added by 80.229.152.66 (talk) 12:48, 1 December 2019 (UTC)

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