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Sunak expected to announce stamp duty changes

By Michael Griffiths

06/07/2020

The Government is expected to reveal new plans this week that will exempt most homebuyers from paying any stamp duty, according to reports.

Several news outlets, including The Times, have suggested that Chancellor, Rishi Sunak, has drawn up proposals that would lift the threshold at which people start paying stamp duty from £125,000, to as much as £500,000

Accord Mortgages has announced it is suspending all lending on its 90% loan-to-value (LTV) products for first-time buyers

Second charge mortgage market shrinks 81% in May

A total of £21m worth of new business in the second charge mortgage market was conducted during May, an 81% drop from the same month last year, new data from the Finance & Leasing Association (FLA) has revealed

Ipswich withdraws all BTL products

Ipswich Building Society has announced it is withdrawing all of its buy-to-let (BTL) products, including expat BTL and holiday let mortgages, with immediate effect

Remortgage instruction numbers dip in final week of June

The number of remortgage instructions dipped slightly in the final week of June and was down on the previous week by 8.2%, new data from Legal Marketing Services (LMS) has revealed

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Accord suspends all 90% LTV lending

Accord Mortgages has announced it is suspending all lending on its 90% loan-to-value (LTV) products for first-time buyers

Ipswich withdraws all BTL products

Ipswich Building Society has announced it is withdrawing all of its buy-to-let (BTL) products, including expat BTL and holiday let mortgages, with immediate effect

High value properties showing strongest price growth

Country houses valued above £5m saw the strongest price growth of any property type in the UK in the three months to June, according to Knight Frank

Sunak expected to announce stamp duty changes

The Government is expected to reveal new plans this week that will exempt most homebuyers from paying any stamp duty, according to reports. Several news outlets, including The Times, have suggested that Chancellor, Rishi Sunak, has drawn up proposals that would lift the threshold at which people start paying stamp duty from £125,000, to as much as £500,000

LITRG urges self-employed to double-check grant eligibility

The Low Incomes Tax Reform Group (LITRG) has encouraged self-employed people impacted by COVID-19 to double-check whether they are entitled to the first round of the Government’s Self-Employment Income Support Scheme (SEISS) grant, before the claim window closes on 13 July

Stamp duty relief not the way to fix property market, tax firm says

Stamp duty relief would be a “poor tool for managing market behaviour” to boost the housing market and help first-time buyers, according to Cornerstone Tax

Total of income tax payers projected to rise

A total 32.3 million people are projected to pay income tax in the current tax year, a rise from 31.2 million taxpayers in the 2017/18 tax year, new HMRC data has revealed

Total UK tax receipts experience 43% annual fall

The total number of HMRC tax receipts in May saw a 43% fall in comparison to May 2019, according to new government figures

FCA to extend support for high cost credit consumers

The FCA has announced new plans that would provide continued support for users of high cost credit products who continue to face payment difficulties due to coronavirus

FCA confirms extended consumer credit support

The FCA has confirmed the support that users of consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus

2.6 million UK consumers purchase cryptoassets

An estimated 2.6 million UK consumers have bought cryptoassets at some point, according to new research published by the FCA

FCA appoints permanent chief executive

The Treasury has announced the appointment of Nikhil Rathi as the new permanent chief executive of the FCA

Millions could be vulnerable to fraud attack – TSB

Millions of people could be vulnerable to a fraud attack by failing to recognise common warning signs in third party communications, research from TSB has revealed

COVID-19 causes cash confusion among business savers

Only 35% of small business owners say they know the rate of interest they are currently receiving on their business savings accounts, according to new research from Redwood Bank

Initial cost of renting falls 2% since tenant fee ban

The initial cost of renting has fallen by 2% year-on-year across England since the introduction of the tenant fee ban in June last year, according to research from Ome

COVID-19 forces businesses into accepting late payments

The COVID-19 crisis is forcing UK businesses to accept unfavourable payment terms, according to new research by Intrum

£10bn transferred out of DB pensions in Q4 2019

Almost £10bn was transferred out of defined benefit (DB) pensions in the final quarter of 2019, up from just over £5bn in the previous quarter, according to new data released by the Office for National Statistics (ONS)

PPI and ABI report calls for pension tax relief overhaul

A flat rate of tax relief on Defined Contribution (DC) pension contributions would increase the proportion of DC pension tax relief associated with basic rate taxpayers from 26% to 42%, according to a new report

Record number to reach pension freedom age in 2020

The number of new people reaching pension freedoms age will reach a peak in 2020, new analysis by Aegon has revealed

FCA confirms contingent charging ban

The FCA has announced a ban on contingent charging as part of a package of measures to address “weaknesses” across the defined benefit (DB) transfer market

Aspen completes £1.2m residential bridging loan

Aspen Bridging has announced the completion of a £1.2m residential bridging loan for a British Virgin Islands (BVI) company which had commenced with a debt restructuring programme just before the coronavirus pandemic

Equifax and Trade Ledger extend partnership

Trade Ledger and Equifax have announced an extended partnership for the UK market which will bid for the BCR Capability and Innovation fund

Avamore lends £1.2m on part-complete project

Avamore Capital has announced the completion of a £1.2m part-complete project in Surrey

HMRC reveals rise in cash ISAs

Seventy-six per cent of all ISAs subscribed to during the year up to April 2019 were cash ISAs, a figure up from 70% a year earlier, new data published by HMRC has revealed

Iress integrates with more2life API

Iress has launched the first stage of an integration with the more2life application programming interface (API) which will streamline the product application process and save advisers time

PSR confirms implementation of name-checking ‘CoP’ system

The Payments System Regulator (PSR) has confirmed the widespread implementation of its new fraud-prevention tool, Confirmation of Payee (CoP)

PFS records surge in e-mentoring

The Personal Finance Society (PFS) has reported that its e-mentoring scheme saw a surge in interest as the Government’s coronavirus restrictions were introduced

Equity release market set for greater reliance on technology

Fifty-six per cent of later life lending advisers think there will be a greater reliance on technology compared to paper-based systems when the equity release market returns to more normal operating models, according to new more2life research

Hope Capital reports 189% jump in enquiries for June

Hope Capital has announced it recorded a leap of 189% in enquires during June compared to the same month a year ago

Foundation returns BTL range to pre-lockdown structure

Foundation Home Loans has announced it is returning its buy-to-let (BTL) product range to its pre-lockdown structure with the reintroduction of large loan, early remortgage and short-term let products

Foundation unveils residential criteria changes

Foundation Home Loans has announced several key criteria changes to its specialist residential range

Ipswich withdraws 90% LTV product

Ipswich Building Society has announced it is withdrawing its 90% LTV 2.79% discount mortgage for both purchase and remortgage cases

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