understanding financial jargon
Prior to 1988, any number of persons occupying a property (except married couples) could each claim MIRAS entitlement on a joint loan. When, in 1988, the entitlement was changed to relief on the basis of the property rather than individuals, loans completed before that date were deemed a Protected loan and continued to attract relief on the original basis. If parties to protected loans subsequently married or re-mortgaged, this tax perk was lost. The onus was on the lender to monitor such cases for continuing entitlement to MIRAS on the old basis. MIRAS was withdrawn in April 2000.
What to do if you need more help
If you need more help with your specific commercial loan, mortgage or insurance requirement please speak to a professional financial adviser.
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