Entry from British & World English dictionary
Definition of MIRAS in English:
(Formerly in the UK) mortgage interest relief at source.
- Once tax relief and Miras were removed it was no longer suitable as the main means of repaying a loan.
- But at that time, the first £30,000 of any mortgage - and the majority of those in Scotland - qualified for Miras tax relief, so the real cost of a home loan was even less.
- The decreased rate of income tax will cost the Treasury £2.25 billion, but abolition of the married couples allowance and Miras will raise £2.95 billion.
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