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Budget 2018: Private residence relief rules tightened

In the 2018 budget, the chancellor has confirmed that from April 2020, the rules regarding private residence relief will be tightened.

Private residence relief is designed to protect taxpayers from capital gains tax when selling their homes

Talking in the House of Commons, chancellor Philip Hammond said that, “Mr Deputy Speaker, we recommit today to keeping family homes out of capital gains tax. But some aspects of private residence relief extend it beyond that objective, and provide relief for people who are not using the home as their main residence.”

“So from April 2020, we will limit lettings relief to properties where the owner is in shared occupancy with the tenant, and reduce the final period exemption from 18 months to 9 months.”


lifetime lease purchases

What is a lifetime lease purchase?

Lifetime lease purchase deals involve raising finance but not on current properties. Rather, they are taken out when consumers move home. They are called lifetime lease schemes. Although not identical to sell-and-rent-back options, they are unregulated too. Lifetime leases are designed for clients who want to move but either cannot afford to or don’t want […]

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FSCS declares mortgage firm in default

The Financial Services Compensation Scheme has named a mortgage company and a financial adviser among five firms that defaulted during September. Independent Mortgage Advice Bureau (Stevenage) Ltd, based in Watford, has closed its doors, along with The Financial Factory Ltd., based in Country Down. The FSCS advises that consumers could be in line for compensation, […]


“BTL is not dead – just more professional”: MS Leaders

The buy-to-let market will become more professional with ‘dinner party’ landlords edged out, according to a panel of experts at the Mortgage Strategy Leaders Forum. The panel were unanimous in their opinion that changes to the buy-to-let tax regime coupled with new rules about portfolio sizes and, more recently, houses in multiple occupation would see […]


TMA launches exclusive self-employed deal with Buckinghamshire

TMA Club has announced an exclusive two-year discount deal for self-employed borrowers with Buckinghamshire Building Society. The new product has been designed for borrowers who fit non-standard credit criteria and will be available exclusively to TMA Club intermediaries for the next six weeks, before a full market-wide launch in December. Available for both purchase and remortgage […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]


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