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Mortgage Interest Relief At Source
Mortgage interest relief at source, or MIRAS, was a housing tax relief scheme in the United Kingdom from 1983 to 2000, which was introduced as a way of reducing the amount of tax relief granted to mortgage borrowers. Function As its name suggests, it allowed borrowers to make mortgage repayments that already included tax relief on interest, instead of the traditional method of reclaiming the tax from the Inland Revenue. History Tax relief on interest had been available since income tax was introduced in the early 19th century but in 1969 the then Chancellor of the Exchequer, Roy Jenkins, ended this tax relief for all loans except for business purposes or for home buyers. This meant that borrowers could no longer claim tax relief on, for example, the interest on bank loans or overdrafts. MIRAS built on the Option Mortgage Scheme of the 1970s, which had also offered reduced repayments as an alternative to reclaiming the tax relief. Its aim was to get over the problem that some borrow ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Times Online
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its modern name on 1 January 1788. ''The Times'' and its sister paper ''The Sunday Times'' (founded in 1821), are published by Times Media, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'' were founded independently and have had common ownership only since 1966. It is considered a newspaper of record in the UK. ''The Times'' was the first newspaper to bear that name, inspiring numerous other papers around the world. In countries where these other titles are popular, the newspaper is often referred to as or , although the newspaper is of national scope and distribution. ''The Times'' had an average daily circulation of 365,880 in March 2020; in the same period, ''The Sunday Times'' had an average weekly circulation of 647,622. The two newspapers also had 600,000 digit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law (legal system), civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "collateral (finance), secured" on the borrower's property through a process known as mortgage origination. This means that a Mortgage law, legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Legal professions in England and Wales, Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken throu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits schemes, whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit (from 1999). The Inland Revenue was merged with HM Customs and Excise to form HM Revenue and Customs which came into existence on 18 April 2005. The current name was promoted by the use of the expression "from Revenue and Customs" in a series of annual radio, and to a lesser extent, television public information broadcasts in the 2000s and 2010s. History The Board of Taxes The beginning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancellor Of The Exchequer
The chancellor of the exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the chancellor is a high-ranking member of the British Cabinet. Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always second lord of the Treasury as one of at least six Lords Commissioners of the Treasury, lords commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanley Baldwin in 1923. Formerl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roy Jenkins
Roy Harris Jenkins, Baron Jenkins of Hillhead (11 November 1920 – 5 January 2003) was a British politician and writer who served as the sixth President of the European Commission from 1977 to 1981. At various times a Member of Parliament (MP) for the Labour Party and the Social Democratic Party (SDP), and a peer for the Liberal Democrats, he was Chancellor of the Exchequer and Home Secretary under the Wilson and Callaghan Governments. The son of Arthur Jenkins, a coal-miner and Labour MP, Jenkins was educated at the University of Oxford and served as an intelligence officer during the Second World War. Initially elected as MP for Southwark Central in 1948, he moved to become MP for Birmingham Stechford in 1950. On the election of Harold Wilson after the 1964 election, Jenkins was appointed Minister of Aviation. A year later, he was promoted to the Cabinet to become Home Secretary. In this role, Jenkins embarked on a major reform programme; he sought to build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geoffrey Howe
Richard Edward Geoffrey Howe, Baron Howe of Aberavon, (20 December 1926 – 9 October 2015), known from 1970 to 1992 as Sir Geoffrey Howe, was a British politician who served as Deputy Prime Minister of the United Kingdom from 1989 to 1990. A member of the Conservative Party, he was Margaret Thatcher's longest-serving Cabinet minister, successively holding the posts of chancellor of the Exchequer, foreign secretary, and finally leader of the House of Commons, deputy prime minister and Lord President of the Council. His resignation on 1 November 1990 is widely considered to have precipitated the leadership challenge that led to Thatcher's resignation three weeks later. Born in Port Talbot, Wales, Howe was educated at Bridgend Preparatory School, Abberley Hall School, Winchester College, and – after serving in the army as a lieutenant – Trinity Hall, Cambridge, where he read law. He was called to the bar in 1952 and practised in Wales, after whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1988 United Kingdom Budget
The 1988 United Kingdom budget (sometimes referred to as the Giveaway budget) was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 15 March 1988. It was the fifth budget to be delivered by Lawson during his tenure as Chancellor, and marked major changes to taxation, with reductions in income tax and changes to inheritance tax rules, as well as changes to mortgage interest relief that prevented homebuyers from being able to pool mortgage allowances. The changes announced to mortgage relief ultimately helped to further fuel an ongoing property boom which led to a rise in inflation and an increase in interest rates. Due to frequent disruptions during the Chancellor's speech, Deputy Speaker Harold Walker was required to suspend proceedings in what was described as an outbreak of "grave disorder". Overview Lawson believed the UK economy was slowing to a sustainable rate, and forecast a budget surplus which would enable him to make significant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigel Lawson
Nigel Lawson, Baron Lawson of Blaby, (11 March 1932 – 3 April 2023) was a British politician and journalist. A member of the Conservative Party, he served as Member of Parliament for Blaby in Leicestershire from 1974 to 1992, and served in Margaret Thatcher's Cabinet from 1981 to 1989. Prior to entering the Cabinet, he served as the Financial Secretary to the Treasury from May 1979 until his promotion to Secretary of State for Energy. He was appointed Chancellor of the Exchequer in June 1983 and served until his resignation in October 1989. In both Cabinet posts, Lawson was a key proponent of Thatcher's policies of privatisation of several key industries. Lawson was a backbencher from 1989 until he retired in 1992 and sat in the House of Lords from 1992 to his further retirement in 2022. He remained active in politics as the president of Conservatives for Britain, a campaign for Britain to leave the European Union, and was a prominent critic of the EU. He also served a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Clarke
Kenneth Harry Clarke, Baron Clarke of Nottingham (born 2 July 1940) is a British politician who served as Home Secretary from 1992 to 1993 and Chancellor of the Exchequer from 1993 to 1997. A member of the Conservative Party (UK), Conservative Party, he was Member of Parliament (United Kingdom), Member of Parliament (MP) for Rushcliffe (UK Parliament constituency), Rushcliffe from 1970 United Kingdom general election, 1970 to 2019 United Kingdom general election, 2019, serving as Father of the House (United Kingdom), Father of the House of Commons between 2017 and 2019. Clarke served in the Cabinet of the United Kingdom, Cabinets of Margaret Thatcher and John Major as Chancellor of the Duchy of Lancaster from 1987 to 1988, Secretary of State for Health, Health Secretary from 1988 to 1990, and Secretary of State for Education, Education Secretary from 1990 to 1992. He held two of the Great Offices of State as Home Secretary and Chancellor of the Exchequer. President of the To ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. Previously, he was Chancellor of the Exchequer from 1997 to 2007 under Tony Blair. Brown was Member of Parliament (United Kingdom), Member of Parliament (MP) for Dunfermline East (UK Parliament constituency), Dunfermline East from 1983 to 2005 and for Kirkcaldy and Cowdenbeath from 2005 to 2015. He has served as Special Envoy of the Secretary-General, United Nations Special Envoy for Global Education since 2012, and he was appointed as WHO Goodwill Ambassador, World Health Organization Ambassador for Global Health Financing in 2021. A Doctor of Philosophy, doctoral graduate, Brown studied history at the University of Edinburgh. He spent his early career as a lecturer at a further education college and as a television journalist. Brown was elected to the House of Commons of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefit
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. Employees work in return for wage, wages, which can be paid on the basis of an hourly rate, by piecework or an annual salary, depending on the type of work an employee does, the prevailing conditions of the sector and the bargaining power between the parties. Employees in some sectors may receive gratuity, gratuities, bonus payments or employee stock option, stock options. In some types of employment, employees may receive benefits in addition to payment. Benefits may include health insurance, housing, and disability insurance. Employment is typically governed by Labour law, employment laws, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
