Wealth Knowledge

Home movers fuel spike in mortgage borrowing as prices rise A record proportion of mortgage borrowing in the first three months of the year was fuelled by home movers as the ‘race for space’ hotted up.  The Financial Conduct Authority said this group accounted for 42% of total mortgage lending – the highest proportion since

Frenzied rush sees mortgage borrowing hit record high UK homeowners borrowed a record £11.8 billion more on mortgages than they repaid in March 2021. Figures from the Bank of England showed the net-borrowing level was the highest of any comparable month since records began in April 1993.  The previous record of £10.4bn was set in

HMRC publishes new guidance on unregulated crypto assets Cryptoasset investors have received further clarity on the tax treatment of their unregulated investments from HMRC. Bitcoin is by far the most well-known cryptoasset, although there are more than 1,000 others in existence. Last month, the value of one Bitcoin soared past $60,000 (roughly £43,383) for the

Inheritance tax freeze ‘set to grab £985m’ from estates  The Treasury expects inheritance tax receipts to soar by almost £1 billion by 2025/26, following the decision to freeze two key thresholds in last month’s Budget.  The nil-rate band will continue at £325,000, while the residence nil-rate band remains at £175,000 until April 2026.  This means

OTS proposal could trigger a spike in pension tax relief bills Higher-rate taxpayers who save into personal pensions and fail to claim extra tax relief could soon have it handed to them automatically under a new proposal.  Currently, individuals pay into their personal pension scheme out of their net income, while their pension provider claims

Are major tax changes on hold until the autumn? Chancellor Rishi Sunak is expected to shelve plans to introduce tax rises in next month’s Spring Budget, according to reports. The Chancellor will deliver his second Budget on 3 March 2021 and his first since COVID-19 began to engulf the UK last March.  Since then, the

IFS: ‘People born in the 1980s face long wait for inheritance’ The average person in their 30s and early 40s faces a wait until they are 64 to inherit their parents’ wealth, according to the Institute of Fiscal Studies (IFS).  The average age of those losing their last surviving parent is tipped to rise from

Mortgage payment holidays extended for up to six months Mortgage payment breaks have been extended for homeowners who are being financially affected by the ongoing pandemic.  The announcement was made on 31 October 2020, the same day as the scheme was due to end after an initial six months. Borrowers who have not yet had

UK economic recovery slows to 2.1% in August The UK’s economic recovery following sharp declines caused by the coronavirus lockdown continued to slow in August 2020, official figures show.  The Office for National Statistics (ONS) reported that GDP grew by 2.1% in August 2020, its fourth consecutive monthly increase after falling by 26.2% in March

Pension freedoms age rising to 57 in 2028 dashes early retirement hopes The age at which retirement savers can access their private pensions will increase from 55 to 57 in 2028 confirmed.  Introduced in 2015, existing pension freedom rules offer more options to over-55s when it comes to accessing their pension before retirement. Over 4.5