Is there any Tax benefit on a UK Home Loan?

3 Responses to Is there any Tax benefit on a UK Home Loan?

1. MICHAEL P says:

   February 6, 2011 at 9:07 pm

   Not to my knowledge … MIRAS … mortgage interest at source … went out years ago . I am afraid that financially, you are on your own!
2. Mr Trench says:

   February 6, 2011 at 9:10 pm

   None at all I am afraid. There used to be a scheme called MIRAS (Mortgage interest relief at source). But that was repealed years ago.
3. steffi says:

   February 6, 2011 at 9:36 pm

   That last answer was complicated, but doesn’t relate to your query!
   Tax relief on mortgage payments was abolished by the Government in its wisdom several years ago, one of its first acts in power. MIRAS was the most usual method by which relief was given, at source, but there were loans not eligible for MIRAS on which tax relief could be given, on some, if not all the loan. For example,where the loan was larger than limit, or where a portion of it related to home improvements, not home purchase.
   The abolition of this relief is another example of the assiduous way this Government has increased taxation, especially as house prices, and by association amounts of loan interest, have gone up.