MIRAS definitions
| Word backwards | SARIM |
|---|---|
| Part of speech | Noun. |
| Syllabic division | Mi-ras |
| Plural | The plural form of the word "MIRAS" is "MIRASES". |
| Total letters | 5 |
| Vogais (2) | i,a |
| Consonants (5) | m,i,r,a,s |
When it comes to taxation in the United Kingdom, MIRAS is a term that stands for Mortgage Interest Relief at Source. This scheme was introduced to help homeowners by providing tax relief on mortgage interest payments.
History of MIRAS
MIRAS was first introduced in the 1980s as a way to make homeownership more accessible and affordable for the general population. The scheme allowed borrowers to deduct the interest they paid on their mortgage from their taxable income, reducing the overall amount of tax they had to pay.
How MIRAS Works
Under the MIRAS scheme, the tax relief is provided "at source," meaning that the mortgage lender automatically deducts the tax relief from the borrower's monthly payments. This reduces the amount of interest that the borrower has to pay each month, making homeownership more affordable.
Changes to MIRAS
Over the years, there have been changes to the MIRAS scheme, including adjustments to the amount of relief provided and who is eligible to receive it. In 2000, the government announced that it would be phasing out MIRAS, and by 2000, it had been completely eliminated.
Overall, while MIRAS is no longer available, it played a significant role in making homeownership more accessible and affordable for many people in the United Kingdom. The scheme provided much-needed tax relief to borrowers, helping them reduce their monthly mortgage payments and achieve the dream of owning their own home.
MIRAS Examples
- She gazed at the breathtaking miras of the sunset over the ocean.
- The ancient ruins are considered a historical miras of the region.
- He inherited the family's valuable miras of antique jewelry.
- The artist's painting is a beautiful miras of his talent and creativity.
- The library is a miras of knowledge and information for the community.
- Her grandmother's recipes are a treasured miras passed down through generations.
- The old castle is a miras of medieval architecture and design.
- The rare book collection is a miras that attracts scholars and book lovers.
- The small town is a hidden miras of local culture and traditions.
- The artist's sketchbook is a miras of inspiration and ideas for future projects.