Posts From August, 2012

Nick Clegg - The new Robin Hood? 

Wednesday, August 29, 2012 11:43:00 AM Categories: Economy Tax

Nick Clegg has suggested the UK's wealthiest people could be asked to pay more tax for a limited period. The deputy prime minister said that "to remain cohesive and prosperous as a society" those of "very considerable" wealth should contribute more.

Mr Clegg called for a "time-limited contribution" from the richest in society beyond his party's current policy for a "mansion tax" - taxes on properties above a certain value. "In addition to our standing policy on things like the mansion tax, is there a time-limited contribution you can ask in some way or another from people of considerable wealth so they feel they are making a contribution to the national effort?" he said.

If you have any concerns about this or would like to discuss your situation with your adviser please get in touch.

UK public borrowing more than expected 

Tuesday, August 21, 2012 10:08:00 AM Categories: Economy

The UK government borrowed more than expected in July, traditionally a good month for tax receipts, official figures have shown. Net borrowing was £600m, an increase of £3.4bn on the same month a year earlier when it made a repayment of £2.8bn. Analysts blamed disappointing corporation tax receipts.

The Office for National Statistics said net debt - the sum of all borrowing - was £1.032bn, or 65.7% of GDP.

July is usually a good month for tax receipts because it is the month that quarterly corporation tax payments are made and individuals' tax self-assessment returns are recorded.

Repossessions drop to 18-month low 

Monday, August 13, 2012 1:20:00 PM Categories: Mortgages

The number of homes being repossessed in the UK has fallen to its lowest level since the end of 2010, says the Council of Mortgage Lenders (CML). There were just 8,500 repossessions in the second quarter of the year, down from 9,600 in the first quarter.

The drop has come despite the economy falling into recession and the high level of unemployment.

The CML said repossessions were being suppressed by low interest rates and help for unemployed mortgage borrowers.

As always, if you have any concerns or would like to discuss your options please get in touch.

UK housing market is 'still in the doldrums' 

Monday, August 06, 2012 1:15:00 PM Categories: Mortgages

The UK housing market is still in the doldrums, figures from the Halifax show. Its latest monthly survey shows that prices fell by 0.6% in July compared with June, to leave the average house price across the country at £161,094.

This means that average prices are also 0.6% lower than a year ago.

The Halifax predicted that there would be little change in the remainder of this year, unless the recession becomes worse.

As always, if you would like to discuss your situation or have any questions please get in touch.