The proposal aims to aid Filipino families in acquiring their first family home by providing for a Home Mortgage Interest Relief
which is an individual income tax incentive," said Loyola.
Measures proposed by the trade to help the market include a temporary abolition of stamp duty on all transactions up to pounds 1m, a permanent rise in the 1% stamp duty threshold to pounds 250,000 to help most first-time buyers escape paying the tax, a preferential loan scheme for first-time buyers to get on the market, and the introduction of mortgage interest relief
for first-time buyers.
The survey also found 18% of respondents backed the reintroduction of Miras (mortgage interest relief
at source) to help cast-strapped homebuyers.
In addition to claiming mortgage interest relief
and medical expenses, taxpayers are entitled to tax relief on bin charge payments, college fees, trade union subscriptions and rent relief, in addition to medical expenses and mortgage interest allowance.
* The Government and the mortgage industry considering a return to Mortgage Interest Relief
for first-time buyers;
The Conservatives in the early 1980s raised the limit to [pounds]30,000 and made the relief available at source instead of it having to be reclaimed -- hence MIRAS (Mortgage Interest Relief
Miras, which stands for Mortgage Interest Relief
at Source, was scrapped on April 5, 2000.
With effect from last Thursday, April 6, the Chancellor has withdrawn MIRAS tax relief - Mortgage Interest Relief
At Source - which was available on the first pounds 30,000 of your loan.
Mortgage interest relief
at source (MIRAS) to be cut from 10 per cent to five or scrapped, costing average families pounds 200 a year.
The first unified budget reduces mortgage interest relief
to 15 per cent by 1995/96.
"What they're actually announcing in the area of housing is simply just further tax incentives for landlords through the extension of a full 100% mortgage interest relief
." Mr Murphy added it would result in "a further massive transfer of wealth from the public pocket into the pockets of landlords already making profits double that in other European countries".
Faced with even more regulations, next month's right-to-rent checks and the removal of mortgage interest relief
, along with an annual expense charge, 2016 already seems like a minefield of uncertainty for smallscale landlords."