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The Candy Brothers Who Are Billionaires Are Paying A Ps4 Million Tax Charge For The Purchase Of A Ps68 Million Georgian Mansion

After falling through a legal loophole, billionaire developers Christian and Nick Candy were taxed over PS4 million on a single purchase.
As the brothers were taxed twice for the purchase of a Georgian mansion in London, Nick branded the HM Revenue and Customs ruling “patently unfair.”
Christian, 46, and Nicholas, 48, were both forced to pay PS1.92 million in stamp duty land tax (SDLT) on the west London property.
According to The New York Times, they were victims of a regulation intended to prohibit buyers from avoiding taxes by switching ownership in the middle of a transaction.
This month, a tribunal upheld the Government’s judgment after Christian began construction on Gordon House despite not having completed the purchase, triggering a ruling that the purchase was’substantially accomplished.’
After the brothers were taxed twice for the purchase of a Georgian mansion (seen) in London, Nick termed the HM Revenue and Customs ruling “patently wrong.” Nick currently lives in the property with his wife, Australian actress Holly Valance (pictured together in 2015), and their children.
He claimed the laws were unfair since he had to pay stamp duty even though he elected not to move in and instead gave it to his brother, who finalized the purchase.
His brother had to pay as well because he was the one who finished the sale.
When Christian requested to get a refund because he never finished the project himself, he was told he had transferred ownership six months too late.
According to HMRC guidelines, he had only 12 months to transfer ownership without incurring stamp duty, according to a ruling issued earlier this month by the highest tax tribunal.
Nick and his wife Holly have purchased a seven-bedroom mansion (shown) in the Cotswolds. The seven-bedroom property features a pool, stables, tennis and squash courts, and its own chapel. Christian (pictured with his wife Lady Emily Compton) first agreed to purchase Gordon House from the Royal Hospital Chelsea in 2012 – when contracts comprised of two lease agreements for PS20million and PS48million.
The swimming pool is pictured The house is a short drive from posh private members’ club Soho Farmhouse and is surrounded by rolling hills The living room of the Cotswolds home features a dramatic central fireplace and floor to ceiling windows Christian had taken 18 months to transfer ownership – during which time he launched expensive building works, including a 60ft swimming pool and a cinema, a 60ft swimming pool and a cinema, a 60ft swimming pool and a cinema,
In 2012, Christian agreed to buy Gordon House from the Royal Hospital Chelsea on the basis of two lease agreements at PS20 million and PS48 million.
The recent judgement overturned a first-tier tribunal’s decision from last spring, which had ruled in the brothers’ favor.
Nick and his wife, Australian actress Holly Valance, and their children currently live on the property.
He claimed that the regulations were unjust.
The verdict should serve as a warning to buyers, according to Marc Selby, a tax partner at Laytons.
According to a source familiar with the case, this two-story penthouse in Hyde Park was on sale in April for a startling PS175 million. This shot displays the penthouse’s gorgeous living area, with sofas, coffee tables, pillars, and chandelier. This photo shows one of the penthouse’s five bedrooms.
It features a window that looks out into Hyde Park in central London. Candy London has been approached for comment by MailOnline.
Meanwhile, Nick and his wife Holly were recently discovered to have purchased a seven-bedroom home in the Cotswolds.
They also have a house in Los Angeles that is estimated to be worth PS17.5 million.
Christian has a PS150 million estate in Egham, Surrey, which consists of four homes.
In April, he and his wife, Emily Crompton-Candy, were granted permission to dig two tunnels that would connect various portions of the estate.
Last summer, Christian sold his home in Regent’s Park, central London, for PS104 million.

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