Also known as Mortgage Interest Relief at Source. Until 6.4.2000 all mortgages granted for the purpose of purchasing a main residence were normally eligible for mortgage interest tax relief at source (MIRAS), for the first £30,000 of the loan. This benefit was withdrawn completely from 6.4.2000.
Amounts which you can deduct from your annual income to reduce the amount on which you have to pay tax. For instance, if your income before deduction of reliefs is £20,000,and you made pension contributions in the year of £1,000,you could deduct £1,000 from £20,000 to produce a total income for tax purposes of £19,000. That is because pension contributions are payments on which the HM Revenue & Customs allows you to get relief.