That doesn’t prove what you think it does
“Tax relief was originally allowed on interest paid on any loan” yes, but that wasn’t MIRAS.
Old Conservatives don't understand
- Thread starter JohnD
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“Tax relief was originally allowed on interest paid on any loan” yes, but that wasn’t MIRAS.
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And then it it became restricted to mortgages in ' 74
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Wrong then. Quite simple
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So miras was tax relief on a mortgage loan at source now tell me could you claim the same tax relief on a mortgage before hand . Yes you could
So the change of name to miras did not change the amount of money people could claim back so it had no effect on house prices as you seem to think
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When those with defined benefits pensions that they didn't pay enough for, hand them back so that the organisations funding them can lower their costs to everyone who doesn't have such a pension. Thus it will no longer be necessary for those without defined benefits pensions to use rental property as a source of pension income.
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Yes, it started in 1983, as shown above in various posts.
no it was named miras in 1983 it was already available and had been since day 1
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No, it wasn't the same.
"MIRAS built on the Option Mortgage Scheme of the 1970s, which had also offered reduced repayments as an alternative to reclaiming the tax relief. Its aim was to get over the problem that some borrowers on low incomes might not have sufficient income to claim back as much tax as higher tax payers."
Mortgage interest relief at source - Wikipedia
yes it did
especially as it offered couples to pool relief and get £60k -there was a rush of buyers at the time to take advantage while it was available
Savills say it did have an effect on house prices
I think Savills might know more than you on the subject
"The first pronounced period of sustained inflation-adjusted house price growth coincided with Thatcher’s dream of home ownership (Q2 1982 to Q2 1989). This was initiated by the introduction of the Right to Buy in 1980*, and facilitated by the introduction of MIRAS (Mortgage Interest Relief at Source)** in 1983. Headline house prices increased by 79% over this period, even after an adjustment for inflation."
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Savills UK | UK house prices see a 130 fold increase over the Queen’s reign
Savills UK | News
www.savills.co.uk
finally you admit that when I said MIRAS was introduced in 1983, I was 100% correct
we got there eventually
everyday is a school day for gasNo, it wasn't the same.
"MIRAS built on the Option Mortgage Scheme of the 1970s, which had also offered reduced repayments as an alternative to reclaiming the tax relief. Its aim was to get over the problem that some borrowers on low incomes might not have sufficient income to claim back as much tax as higher tax payers."
Mortgage interest relief at source - Wikipedia
en.wikipedia.org
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It's just the tinfoil hatter mentality. No matter how much evidence there is for something they will believe whatever they like.
I wonder if he is as dogmatic with his customers?
Not in 1983 there wasnt which is what you said do try and keep up with what you actually post
glad you finally found that tax relief had always been available for mortgages and miras was nothing new which is what was pointed out .No, it wasn't the same.
"MIRAS built on the Option Mortgage Scheme of the 1970s, which had also offered reduced repayments as an alternative to reclaiming the tax relief. Its aim was to get over the problem that some borrowers on low incomes might not have sufficient income to claim back as much tax as higher tax payers."
Mortgage interest relief at source - Wikipedia
you finally got there
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