Professional standards body Safe Home Income Plans says reports in the press of a heavy tax on income from home reversion plans may be misleading. SHIP believes the Government legislation on pre-owned asset tax is not intended to penalise elderly people. The body is currently in talks with the Inland Revenue to discuss the exemption of home reversion plans from schedule 15 of the Finance Act and is confident the issue will be resolved in favour of reversion policyholders.
Compensation schemes such as the Financial Services Compensation Scheme are based on a recognised principle that the majority pay for the failures of the minority, thereby reducing the impact of a failure on individuals. The existence of the FSCS helps to satisfy the FSA's sta-tutory objectives of maintaining confidence in the sector and providing protection […]
Returns for buy-to-let landlords on their initial investments rose in July after a dip in the first half of the year, according to Paragon Mortgage's August index. Average returns on initial investment rose from 24.7 per cent in June to 25.2 per cent in July. The increase follows significantly higher returns in a number of […]
The growth in buy-to-let lending slowed in the first half of this year as lenders react to tighter market conditions according to the Council of Mortgage Lenders. Advances rose by 3 per cent to £12bn in the first half from £11.6bn in the second half of 2003 and £7.6bn for the first half of 2003. […]
Private medical insurance providers are misleading consumers about the extent of cancer care they offer and could face a wave of misselling claims, says a leading cancer charity. Charity Cancer BACUP wants clearer information from providers on PMI policies to make consumers aware that the policy they are buying may not cover them throughout the […]
The Department for Work and Pensions (DWP) has unveiled a new communications campaign to raise awareness of the new State Pension that will be launched next year.
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The Government should consider allowing people to lower their contribution rates to 8 per cent under auto-enrolment to prevent a potential spike in opt-out rates over the next few years, AJ Bell says. Contribution rates are due to rise to 5 per cent in April this year and 8 per cent in April 2019 with […]
French asset manager Carmignac has called for more clarification on the new research costs rules under Mifid II as it claims rival firms have wrongly stated what the directive means for their business. Speaking to Money Marketing after an event in Paris, Carmignac managing director Didier Saint-Georges referred to asset managers as “cheeky” in their […]
Five overlooked government credits and allowances advisers should look out for