MIRAS /ˈmaɪræs, -rəs/ noun [uncountable] abbreviation for
Mortgage Interest Relief at Source; a system used until 2000, in the UK, by which someone who had a mortgage (=money borrowed from a bank etc to buy a house) was allowed to pay less income tax. The borrower was given tax relief (=the right to pay less tax) on the interest that he or she paid on the mortgage, and this reduced the cost of the mortgage payments.

[TahlilGaran] Dictionary of Contemporary English ▲