Old Conservatives don't understand

"Tax relief was originally allowed on interest paid on any loan. In 1974 it was restricted to mortgage loans and limited to £25,000, and the scheme as we know it now was introduced in 1983."

I remember it as though it was yesterday my solicitor calling it a miras loan in 19 79 because he wanted me to take out an endowment loan. Which was a wise move on my part.
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.
 
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Bought my first house in 78 I think, had tax relief on the mortgage relief through until it was abolished whenever.
 
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MIRAS was introduced in 1983

Here is an quote from a government website: “In April 1983 the mortgage interest relief at source scheme (MIRAS) was introduced under which the borrower pays the lender the interest less the tax relief. The rate of relief given has varied since its introduction. Currently the payer is entitled to deduct 23% from payments of interest qualifying for relief


What you are talking about was not MIRAS


There’s no need to get annoyed with me just because you are wrong
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
 
I'm interested in your suggestion that private landlords should be forced by law to sell their rental properties to tenants at half price. When do you think that should start?
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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no it was named miras in 1983 it was already available and had been since day 1
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."

 
it had no effect on house prices as you seem to think
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."



So the change of name to miras
finally you admit that when I said MIRAS was introduced in 1983, I was 100% correct

we got there eventually
 
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."

everyday is a school day for gas
 
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
Not in 1983 there wasnt which is what you said do try and keep up with what you actually post
 
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."

glad you finally found that tax relief had always been available for mortgages and miras was nothing new which is what was pointed out .
you finally got there
 
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