A UK tax allowance by which payers of mortgage interest are allowed to claim part of all of this as a deduction in calculating their taxable income. The argument for such relief is that those with mortgage payments are worse off than other taxpayers with equal incomes but no mortgage. The argument against is that such tax relief costs the government money which could be better spent on improving housing for those too poor to afford to buy their homes.

• TUC
• turnkey project
• turnover
• turnover tax
• two-gap model
• two-part tariff
• two-stage least squares
• two-tier board
• type I and II errors
• unbiased estimator
• unbundling
• uncertainty
• uncompetitive
• UNCTAD
• undated security
• under-capitalized
• under-developed country
• under-funded pension scheme
• underlying rate of inflation
• under-subscription
• under-valued currency
• underwriting
• undistributed profits
• UNDP
• unearned income