Connect with us

Current

EU pauses legal action against UK over Northern Ireland protocol

Voice Of EU

Published

on

The European Commission has paused legal proceedings against the United Kingdom over the implementation of the Northern Ireland protocol in the hope that solutions can be found.

It comes after the UK government called for a “standstill period” in which the EU would not further legal action and the UK would also refrain from unilateral moves.

A European Commission spokesman said in a statement that “in order to provide the necessary space to reflect on these issues and find durable solutions to the implementation of the protocol, we have decided, at this stage, not to move to the next stage of the infringement procedure, started in March”.

Last week the UK’s Brexit minister, David Frost, told the House of Commons there should be a “significant change” in the protocol and that “we cannot go on as we are”.

The commission said the pause in the legal action would be used to consider the UK’s proposals.

“We confirm our readiness to continue to engage with the United Kingdom, also on the suggestions made in the Command Paper, and to consider any proposals that respect the principles of the protocol,” the statement from the commission added.

The Irish Government has also said it will carefully consider the British proposals, which include suggestions that were raised and discussed during the negotiation process.

“We have received a constructive reply from the Commission in response to our request for a standstill on existing arrangements,” a British government spokeswoman said. “We look forward to engaging in talks with the EU in the weeks ahead to progress the proposals in our command paper.

“As we set out in the Command Paper last week, significant changes are needed to ensure the Pprotocol is sustainable for future”

Last week, Mr Frost suggested a tiered system in which goods produced for consumption in Northern Ireland only would not need to be inspected at Irish Sea crossing points, and that goods that were made to standards that equalled those of the EU should be able to circulate freely.

‘Impossible’ steps

Other proposals included abolishing export certification, state aid rules and the oversight of the European Court of Justice, encompassing several steps that are seen as impossible for EU capitals to agree to.

Both Brussels and Dublin are seen to be keen to cool the heat on the issue of Northern Ireland and encourage negotiations to find solutions for any problems through the pathways laid out by the withdrawal agreement and trade deal wherever possible.

The commission warned that it would not renegotiate the protocol, which was negotiated and agreed by both sides as a way to allow Britain to leave the single market and customs union while avoiding the need for checks across the island of Ireland.

UK prime minister Boris Johnson originally praised the deal as a “reasonable, fair outcome” and a “very good deal” for both sides, but his government has since said it has been implemented in a stricter manner than foreseen.

“The EU has sought flexible, practical solutions to overcome the difficulties citizens in Northern Ireland are experiencing regarding the implementation of the protocol – as demonstrated in the package of measures announced by the commission on June 30th,” a commission spokeswoman said.

“While the EU will not renegotiate the protocol, we stand ready to address all the issues arising in the practical implementation of the protocol in a spirit of good faith and co-operation.”

It added that if was essential that “constructive discussions” continue in the coming weeks.

Source link

Current

Buy-to-let landlords didn’t take advantage of the stamp duty holiday to buy more

Voice Of EU

Published

on

Britain’s landlords did not embrace the stamp duty holiday with the same fervour as owner occupiers, new research suggests. 

Buy-to-let investors completed tens of thousands fewer transactions than they did during a similar 15-month period in 2016, despite rents heading higher in much of Britain during the pandemic. 

The share of properties bought by landlords in the run-up to the tax holiday, which started in July 2020, was 11 per cent – and only rose to 12 per cent during it, according to estate agent Hamptons International.

The stamp duty holiday failed to leabeing in to take advantage of rising rents

The stamp duty holiday failed to lead to a buy-to-let boom, despite landlords being eligible for the tax saving of up to £15,000 and having the chance to take advantage of rising rents

This was despite rents rising at their fastest pace for more than a decade in the year to July. 

There were a total of 215,000 investor purchases across Britain between July 2020 and September 2021. 

This was below the 242,400 purchases which were made during the 15-month run up to the introduction of the 3 per cent stamp duty surcharge for landlords on 1 April 2016.

During the stamp duty holiday, the average landlord who did buy a property saved £3,000, the equivalent of around three months’ rent and a 35 per cent reduction on their £8,500 average tax bill before July 2020.

What was the stamp duty holiday?  

The stamp duty holiday was introduced by chancellor Rishi Sunak in July 2020, in a bid to jump-start the housing market after the first national lockdown. 

It lasted for 15 months in total. From July 2020 to July 2021, both owner-occupiers and investors could save up to £15,000, as they did not need to pay stamp duty on the portion of any property purchase under £500,000.

From July to September 2021, the limit was reduced to £250,000, offering them a maximum saving of £2,500. The rates returned to pre-pandemic levels on 1 October.  

Average bills are set to return to around £8,400 from 1 October 2021, just below what investors were paying on the eve of the stamp duty holiday. 

The figures suggest landlords were not willing to outbid home buyers as house prices continued to rocket. 

This may have been a result of increasing taxes and regulations on landlords over the past few years, which started with the introduction of the 3 per cent surcharge in 2016. 

At the time, many landlords bought up properties beforehand to get in under the wire.  

As well as the standard stamp duty bill, buy-to-let investors and anyone buying a second home must pay a 3 per cent surcharge on top of the standard rates for owner-occupiers.

In the run-up to that policy being introduced, the proportion of home sales made up by landlords in Britain was much higher at 17 per cent, according to Hamptons.

The deeply unpopular surcharge is often cited by landlords as a reason for not expanding their portfolio, or even quitting the market altogether.

Landlords bought up more homes ahead of the introduction of new taxes on buy-to-let in 2016, than they did during the stamp duty holiday over the past 15 months

Landlords bought up more homes ahead of the introduction of new taxes on buy-to-let in 2016, than they did during the stamp duty holiday over the past 15 months

Overall, the stamp duty holiday meant that the average investor paid less in stamp duty than at any time since April 2016, when the 3 per cent stamp duty surcharge was introduced.

Despite this, the average bill during the holiday remained twice the level it was before the surcharge was introduced. 

What about those landlords who did buy?

There is little indication that landlords who did buy properties during the stamp duty holiday took advantage of the saving to buy bigger properties in more expensive areas.

Instead, 83 per cent of investor purchases were under £250,000, meaning their savings from the holiday were significantly smaller than those enjoyed by home movers.

During the holiday the average price paid by a landlord rose by just 1 per cent to £181,000, despite wider house price growth of 10 per cent over the same period. 

Landlords who did buy homes during the stamp duty holiday paid just 1% more for them, despite house prices as a whole rising by as much as 10% according to some estimates

Landlords who did buy homes during the stamp duty holiday paid just 1% more for them, despite house prices as a whole rising by as much as 10% according to some estimates

According to the September House Price Index from Nationwide, £22,613 has been added to the cost of the average home in just a year, with the average price of a home increasing 10 per cent to £248,742.

Commenting Aneisha Beveridge, head of research at Hamptons, said: ‘The overall impact of the stamp duty holiday on investor activity has been relatively muted.

‘The holiday resulted in a small uplift in the number of new buy-to-let investors, but despite their reduced bills, they were not outbidding owner-occupiers on any significant scale.’

What is happening to rents? 

Average rental growth across Britain hit 8 per cent in September, the third fastest annual rate of growth recorded this year, according to Hamptons.  

Regions in the South of England, but outside of London, led the way.  

The South West saw the highest rent increases in the past year, reaching £1,011

The South West saw the highest rent increases in the past year, reaching £1,011

The average rent on a new home rose 14.8 per cent to £1,011 in the South West, 14.7 per cent to £1,252 in the South East and 10.8 per cent to £1,106 in the East of England.

September marked the sixth consecutive month where annual rental growth hit double figures in the South West. 

The region has benefited from people relocating away from cities during the pandemic, as well as an increased appetite for longer-term holiday lets. 

London rents have also continued to recover. 

Although Inner London was the only region in the UK to see a decline in rents year-on-year, the 4.4 per cent or £100 year-on-year fall was far smaller than the 22.1 per cent decrease recorded in April when the market bottomed out.

In Outer London, rents grew 3.2 per cent annually in September, rising for the thirteenth consecutive month. This kept Greater London rents overall in positive territory, up 1.8 per cent year-on-year.

Beveridge added: ‘While rental growth rates typically peak over the summer months, this year they have continued to rise into the autumn. 

‘This means average monthly rents have passed £1,100 for the first time nationally, led by big increases on larger homes. 

‘The average four-bed home now costs 120 per cent more than a one-bed, up from 95 per cent pre-pandemic. 

‘While we are expecting this growth to moderate in the final few months of the year, it is likely 2021 will mark some of the fastest rates of rental growth in a generation.’

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Source link

Continue Reading

Current

Johann van Graan non-committal on prospect of Conor Murray return

Voice Of EU

Published

on

Johann van Graan was somewhat less than adamant that Conor Murray will make his seasonal re-appearance in their United Rugby Championship (URC) fifth round match away to the Ospreys next Saturday night, which is just two weeks out from the first of Ireland’s November test series, with the All Blacks to follow a week later.

“He might possibly be involved next week,” said the Munster head coach after their latest act of escapology to beat Connacht 20-18 at Thomond Park on Saturday night.

Might possibly?

“We’ll see how the week goes. We’ve taken our time with his recovery, so if he comes through the week then we’ll make a call at the back end of the week whether we’re going to select him or not.”

Van Graan assured us that Murray is not injured.

“No, he’s good. He had non-23 training on Friday so really looking forward to getting him involved.”

Van Graan wore the smile of a relieved man after Connacht had pushed them to the wire with a clever, fired-up all-round display in a spicy derby, during which the lead changed hands five times.

“I think if you look at the table, it’s three Irish teams at the top. Connacht are always such a big team in the interpros and you’ve got to give credit to them. Last season they beat all three of the Irish teams away.

“That’s why the players and the coaches and the supporters, and everybody involved loves an interpro, because that’s what you get. It’s not a classic but for the purist it’s a battle.

“That’s what the game is about and that’s why Irish rugby is in such a good place because they have got four top teams and some very good players across the four teams. That was a grind from our side, and proud of the way we finished that with that try and the conversion,” he said in reference to Diarmuid Barron’s 78th minute try and Joey Carbery’s nerveless conversion.

His counterpart, Andy Friend, was left with immense pride in his team’s performance mixed with acute frustration at their infuriating inconsistency and key mistakes, not least at restart receptions, but also the key decisions that went against his team.

Most notable of these was the failure by TMO Brian MacNeice and referee Chris Busby to spot that Tadhg Beirne was clearly in front of the ball before hacking on Rory Scannell’s crosskick in the build-up to Chris Cloete’s 39th minute try.

“I’ve got to be careful here,” he said when asked if he felt Connacht don’t receive a fair rub of the green from officials. “I’ve been here three and a bit years, mate, and if it’s a 50-50 I rarely see it going our way.

“I know that, but listen we’ve got to keep pushing our limits and making sure that we’re trying to be as squeaky clean as we can with things. I’m just…. to me, that try and the missed offside there – that’s inexcusable. Whether it’s Connacht or somebody else, I don’t know, it’s just inexcusable.”

To compound his frustrations, nor does the URC have channels to go through.

“We don’t have a referees’ manager, so I’m assuming that URC will be looking at that and hopefully something happens to the TMO that missed it. But it doesn’t help us, mate.”

Putting his own team’s errors into perspective, Friend highlighted their lineout pressure, strike plays, kicking and defence.

“On the whole the majority was really good, there’ll always be elements we need to work on. Otherwise we’d be out of a job.”

With next Saturday’s home game against Ulster at the Aviva in mind, Friend said: “What we will use is that we know we’re a good football side.

“We’ve just pushed a good Munster team who haven’t looked like losing a game this year and have played some really good rugby.

“We’ve turned up at their home field, where we beat them last season, knowing full well there was going to be a kick-back and we pushed them all the way to their limits.

“So, we know we’re a good football side. Our blip last week (against the Dragons) was a blip. We just have to make sure we never drop to that again and we keep our standards high.”

Source link

Continue Reading

Current

Irish man (24) who drowned in swimming pool in Marbella is named

Voice Of EU

Published

on

A 24-year-old man who drowned in a swimming pool near Marbella in Spain has been named locally in Co Clare as Irish Defence Forces member Gerard McMahon.

Authorities responded to a distress call at 10.25am on Friday. The alarm was raised by friends who found Mr McMahon lifeless in the pool.

Spanish authorities are treating the death of the holiday maker as a “tragic accident”.

Mr McMahon lived in the Killaloe area of Co Clare. Local priest Fr Jerry O’Brien confirmed he had met the family of the young man and expressed his sympathy on behalf of the community.

Ogonnelloe GAA posted a tribute to Mr McMahon who was well known and liked in the community.

“It is with profound shock and sadness that we learned today of the sudden passing of our young member and friend, Gerard McMahon. Our thoughts and prayers are with his parents, Pat and Carmel, his sister Bríd, and all the McMahon family at this extremely difficult time.”

The club Facebook page posted a picture of Mr McMahon from 2016 when he and his team mates won the Division 3 League.

Scarriff Hurling also paid tribute to Mr McMahon who played for them at juvenile level. “Always with pride, great skill and giving all to the team and club.”

Meanwhile, local Fine Gael councillor Joe Cooney said the family of the young man were in the thoughts and prayers of the community.

Mr McMahon was a Private in the First Infantry Battalion in Renmore Barracks in Galway. St Patrick’s Garrison Church posted a message on Facebook asking for prayers for Mr McMahon and for his “family and comrades”.

A postmortem was expected to take place over the weekend at the Institute of Forensic Medicine in Malaga.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!