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MIRAS stands for 'Mortgage Interest Relief at Source' and was scrapped on 5 April 2000. MIRAS was the most common method of providing borrowers with the tax relief they were entitled to on their mortgage interest payments.
The lender automatically deducted tax relief at the rate specified by the government by reducing the level of repayments required.
Last Updated: January 2008 © Moneyextra.com
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