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IHT receipts hit new annual record a month early


By Dan McGrath

The amount of inheritance tax (IHT) collected by HMRC has reached £7.6bn in the 11 months to February, surpassing the annual record with a month to spare.

HMRC took the previous annual record last year, when IHT receipts totalled £7.5bn across the full 2023/24 financial year


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Second charge mortgage market jumps 29% in January

There was £146m worth of new business agreed in the second charge mortgage market in January, new figures released by the Finance & Leasing Association (FLA) have shown

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FCA outlines action plan on Consumer Duty rule review

The Financial Conduct Authority (FCA) has launched an action plan in which it has outlined proposals to review its expectations for mortgages and lending, and explore how it can simplify communications about savings accounts

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OMS launches API integration with Nationwide

One Mortgage System (OMS) has extended its mainstream reach through a full application programming interface (API) integration with Nationwide Building Society

Howden set to acquire Barnett Waddingham

Global insurance and employee benefits intermediary group Howden has announced plans to acquire Barnett Waddingham for an undisclosed amount

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Bank of England keeps interest rates at 4.5%

The Bank of England (BoE) has opted to hold interest rates at their current level of 4.5%
Quarter of tenants expect rent increases following Renters’ Rights Bill introduction

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Mortgage affordability tightens for second month running

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IHT receipts hit new annual record a month early

The amount of inheritance tax (IHT) collected by HMRC has reached £7.6bn in the 11 months to February, surpassing the annual record with a month to spare. HMRC took the previous annual record last year, when IHT receipts totalled £7.5bn across the full 2023/24 financial year

Amount of additional rate taxpayers up 9.5%, HMRC reveals

The number of additional rate taxpayers increased by 9.5% between 2021/22 and 2022/23, HM Revenue and Customs (HMRC) has revealed

HNWIs voice concern around Labour’s tax policy

Eight in ten (83%) high net worth individuals (HNWIs) are expecting taxes to rise further in the next 12 months, a new study by Saltus has indicated

IHT receipts jump £700m year-on-year in January

Inheritance tax (IHT) receipts reached £7bn in the period between April last year and January, a £700m year-on-year increase, HMRC has revealed

FCA outlines action plan on Consumer Duty rule review

The Financial Conduct Authority (FCA) has launched an action plan in which it has outlined proposals to review its expectations for mortgages and lending, and explore how it can simplify communications about savings accounts

FCA to scrutinise fair value of pure protection market

The Financial Conduct Authority (FCA) has launched a market study into how well the distribution of pure protection insurance policies is working for customers

FCA fines and bans OAM founder

The Financial Conduct Authority (FCA) has fined the founder of Odey Asset Management (OAM) LLP, Crispin Odey, £1.8m and banned him from the UK financial services industry for a "lack of integrity"

MorganAsh launches customer vulnerability workshops

MorganAsh has launched a series of workshops on customer vulnerability to help firms meet the requirements of Consumer Duty

Savers ‘increasingly’ switching cash to fixed rate accounts

Savers are increasingly switching cash from instant access and notice accounts to fixed rate accounts in the expectation of more Bank of England (BoE) base rate cuts, Investec Save has found

Cash ISA changes wouldn’t tempt stock market investment, study finds

One in every five cash ISA savers (20%) would switch to investing in the UK stock market if the cash ISA allowance was to be reduced or abolished

Bank of England keeps interest rates at 4.5%

The Bank of England (BoE) has opted to hold interest rates at their current level of 4.5%

More than £54bn in cash ISAs are earning 2% interest or below

Over £54bn of adult cash ISA savings are earning 2% interest or below, with the majority being held in instant access accounts, Paragon Bank has found

Anglo American completes combined £785m buy-in with L&G

Anglo American Services (UK) has completed a £785m combined buy-in with Legal & General Assurance Society (L&G) for three of its defined benefit (DB) schemes

Church of Scotland Pension Trustees completes £75m buy-in with Just Group

The Church of Scotland Pension Trustees has completed a £75m multi-scheme buy-in with Just Group, insuring the benefits of 1,500 pensioner and dependant members and 850 deferred members

Standard Life launches guaranteed lifetime income plan

Standard Life has furthered its strategic partnership with Fidelity International by launching the guaranteed lifetime income plan

Fuller’s DB Pension Plan agrees full buy-in with L&G

The Fuller’s Defined Benefit (DB) Pension Plan has secured a full buy-in with Legal & General (L&G), following recent funding improvements

Howden set to acquire Barnett Waddingham

Global insurance and employee benefits intermediary group Howden has announced plans to acquire Barnett Waddingham for an undisclosed amount

International investors have more demand for UK property than expected

The UK property market is experiencing demand from a much wider range of international investors than is commonly assumed, RAW Capital Partners has stated

UK GDP shrinks by 0.1% in January

UK GDP has fallen by 0.1% in January after an increase of 0.4% in December, the Office for National Statistics (ONS) has revealed

Fund outflows return in January amid increased uncertainty

Fund outflows returned in January after two consecutive months of inflows as investors faced “increased uncertainty”, data from the Investment Association (IA) has revealed

Mortgage Brain adds Gatehouse Bank to tech platforms

Tech provider Mortgage Brain has added Gatehouse Bank to its Sourcing Brain and Criteria Brain platforms

Metro Bank announces new AI partnership with Covecta

Metro Bank has launched a new partnership with Covecta, an AI platform for financial services that will be deployed across its corporate and commercial credit businesses

Octopus Money and Aveni launch new AI partnership

Octopus Money has launched a new partnership with Aveni.ai which will see the firm adopt Aveni’s AI solutions across its adviser and coaching teams

Nivo launches AI-powered assistant for specialist lenders

Nivo has launched an AI-powered product that aims to help specialist lenders grow without hiring more people

OMS launches API integration with Nationwide

One Mortgage System (OMS) has extended its mainstream reach through a full application programming interface (API) integration with Nationwide Building Society

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Today's round up of developments coming out of the consumer finance space, featuring Paragon Bank, Access Financial Services and Loughborough Building Society

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