Tom Hayes, the first trader to be convicted of rigging Libor, has failed in his attempt to have part of the proceeds from the £1.6m sale of his Surrey home returned to his wife.

Hayes has been fighting a ruling that his purchase and subsequent transfer of 50% of the seven-bedroom house to his wife Sarah Tighe was a so-called "tainted gift" — one connected to a criminal lifestyle — and therefore subject to appropriation by the courts.