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TMB boss appointed as new head of BM Solutions

The Mortgage Business managing director Nigel Payne has had his role extended to managing director of BM Solutions.

This comes after former BM Solutions managing director Tim Hague left his role to head up savings and investments at the lender.

Payne will commence his role from today. He will continue to report to HBOS Intermediaries managing director Nigel Stockton.

Stockton says: “I am delighted that Nigel has accepted the role to head up BM Solutions alongside TMB. I believe that his expertise and knowledge of the specialist mortgage market means that he is ideally placed to ensure our continued success in the specialist sector.”

Payne adds: “I am really looking forward to the challenge of my new role and aim to develop further what is already a very strong brand. It is my top priority to ensure that we continue to deliver the very best possible service to our brokers and distributors.”


Relief map

A little while back, I wrote about the new entrepreneurs’ relief for capital gains tax. Most people will by now be aware that entrepreneurs’ relief is the replacement for business assets taper relief.

Not what the doctor ordered

May’s mortgage approvals figures from the Bank of England were absolutely dire. The figures from the BBA the previous week were bad enough, a 20 per cent fall on the previous month and a 56 per cent fall on May last year, but the figures for total mortgage lending, including the building societies and specialist lenders, are even worse, with a 28 per cent fall on April and a 64 per cent fall on May last year.

Lasting relationship

That meant, broadly, that gains made under UK and offshore investment life insurance contracts will be taxed as non-trading credits under the loan rela-tionship rules. The original position has changed in a number of important areas. Perhaps the most important is that before the changes, all life policies effected by a company before March 14, 1989 (and which had not been subsequently enhanced) were outside the chargeable events legislation and would, in effect, produce a tax-free return for the firm.


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