Factsheet may ease pan-EU lending
Article Abstract:
Moves to take the complexity out of lending are being backed by the European Mortgage Federation (EMF) and would involve the introduction of a one-page fact sheet on mortgage products. The Brussels-based trade organisation is also understood to be examining a mortgage code which would embrace the entire European Union and make EU-wide lending easier for providers. The form would include the period of the mortgage agreement, the amount of credit advanced, product description and lender details. The UK's Council of Mortgage Lenders believes that although the forms will not succeed the annualised percentage rate (APR), they will assist clients in understanding products.
Comment:
EU: European Mortgage Federation is understood to be examining mortgage code which would embrace entire EU
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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EU ruling protects cross-border pensions
Article Abstract:
A draft directive governing self-employed and employed citizens' state pension rights has been agreed by the Social Affairs Council of the European Union (EU). The 4 June 1998 agreement covers instances where people are sent to another European Union (EU) member state to work over a short period and will enable them to prevail with their home state scheme. UK Pensions Minister, John Denham, believes that the agreement will remove the obstacles to citizens looking to work in another EU country and without incurring a loss on their pension. It is agreed that the move would enhance EU-wide efforts toward labour mobility.
Comment:
EU: Draft directive governing self-employed and employed citizens' state pension rights are agreed by Social Affairs Council
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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EU set to jack up UK stamp duty
Article Abstract:
The European Union (EU) is considering harmonising tax levels in a move which would lead to a marked increase in stamp duty on housing deals, it emerged in July 1998. Added to this, the European Commission (EC) is in favour of levying VAT on newly-built housing, which in Belgium is levied at 21% but is 0% in the UK. Existing UK stamp duty of 1%-2% compared with 12.5% in Belgium and around 11% in France. Mortgage specialists noted that mortgage intermediaries and property transaction levels would be adversely impacted by the imposition of stamp duty of up to 5% in the UK.
Comment:
EU: Region is considering harmonizing tax levels in move which would lead to market increase in stamp duty on housing deals
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 1998
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