The case for scrapping Miras

Article Abstract:

UK mortgage interest tax relief (Miras) has been criticised on a number of grounds and abolition of Miras has been proposed as a way of raising revenue and dampening consumer demand. Miras has little impact on demand for housing since it does not cut costs by much. Many costs are not related to mortgages, such as repairs, or house price drops. Houses also cost more because of Miras. The aim of Miras was to attract more people into buying houses but this may be a bad thing since home ownership cuts labor mobility.

Commercial Banks, Public Finance Activities, Tax Administration, Mortgage and Nonmortgage Loan Brokers, Consumer Mortgage Loans, United Kingdom, Tax reform, Mortgages, Tax exemption, Tax exemptions

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Hong Kong adopts a wait and see attitude

Article Abstract:

Hong Kong is to be handed over to China in 1997. Funds have left Hong Kong to e invested in real estate abroad, but this flow has not increased dramatically prior to the handover. China appears to be encouraging investment in Hong Kong with agreements for a new airport with a railway to be completed in 1997. Real estate in London, England, is popular with Hong Kong investors. There are too many variable to predict the future of the Hong Kong real estate market.

Real estate industry, Hong Kong

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