Taxpayer lost £38m on Chelsea barracks sale

According to the ‘Sunday Times’;

Chelsea Barracks

“TAXPAYERS were deprived of tens of millions of pounds in stamp duty on the sale of Chelsea barracks to one of the developer Candy brothers and the Qatari government, a court has ruled.

The sale of the 12.8-acre Ministry of Defence site for almost £1bn in 2007 was the UK’s most expensive residential development deal at the time but it has been beset by controversy. The plan to develop 450 luxury residences and 123 affordable homes remains on hold.

Last week, a tax tribunal judge ruled that a complex scheme devised to buy the property free from stamp duty was unlawful.

The Qataris have been ordered to pay £50m — £12m more than if they had paid the stamp duty due at the time of the deal. Christian Candy sold out of the consortium in 2008 and is not liable for any tax.”

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