Definitions for "Mortgage Interest Relief At Source"
under the MIRAS system, home buyers in the UK are currently entitled to basic-rate income tax relief on the interest that is paid on borrowing up to the sum of £30,000. You are only eligible for the relief if the loan is used to purchase your home, defined by the Inland Revenue as your only or main residence. So British expatriates engaged in full-time employment overseas may not be eligible.
Mortgage interest relief at source. This was tax relief on your mortgage but was abolished by the government with effect from April 2000.
(MIRAS) Abolished for the majority of new and existing loans with effect from 6th April 2000. System of tax relief on property purchase borrowing, whereby repayments to the lender are paid net of tax on the interest on the loan. The lender then reclaims the relevant sum from the Revenue.