Callum Mason

1 week ago | inews.co.uk | Callum Mason

Just a tiny fraction of people are using a gifting rule that could cut their families’ inheritance tax (IHT) bills – but experts think this could increase in the coming years. A Freedom of Information request to HMRC by wealth manager Quilter shows that in the past three years, just 1,490 estates that paid IHT have used the “gifts out of surplus income” rule, which equates to less than 2 per cent of those that pay the tax.

1 week ago | inews.co.uk | Callum Mason

It’s a “sure bet” that the Bank of England will reduce interest rates from 4.5 per cent on Thursday, economists have predicted. The Bank’s Monetary Policy Committee (MPC) is widely expected to reduce interest rates to 4.25 per cent after Donald Trump’s tariff plans reduced expectations for how well the economy will perform in 2025. Forecasters expect more cuts to interest rates later in the year, likely taking interest rates to 3.75 per cent by the start of 2026.

1 week ago | inews.co.uk | Callum Mason

Homeowning pensioners are more likely to spend more of their money earlier in retirement than renters, according to a new report, before cutting back in later life. Research from academics at the University of Bath and pension consultants LCP found that retirees who owned their own home spent more on luxuries in the first few years of retiring, whilst those who rented from a social landlord tended to have flat spending throughout their retirements.

1 week ago | inews.co.uk | Callum Mason

The UK’s biggest mortgage lender has launched a new deal for those remortgaging, which could be the cheapest on the market for some customers. Halifax has introduced a two-year fix at a rate of 3.79 per cent for those remortgaging with equity of 40 per cent or more of their property value. The rate is the cheapest for those remortgaging, but is only available for those borrowing between £250,000 and £2m, so those with smaller loans will not be able to get it.

2 weeks ago | inews.co.uk | Callum Mason

First-time buyers claimed a record amount of stamp duty relief on home purchases in the first three months of the year, as they raced to beat an increase to the tax. Until the end of March this year, first-time buyers did not pay any stamp duty land tax (SDLT) on homes costing up to £425,000, but this was then cut to £300,000. Those who are not first-time buyers face the tax on properties over £125,000, instead of over £250,000.