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Mortgage interest relief at source (MIRAS)
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A UK tax aUowance by which payers of mortgage interest were allowed to claim part or all of this as a deduction in calculating their taxable income. The relief was given through the lending institutions, so that the borrower paid interest net of tax relief to the lender. The tax allowance was withdrawn in April 2000.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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