Billionaire Candy brothers foot £4m tax bill over purchase of £68million ...

Billionaire Candy brothers foot £4m tax bill over purchase of £68million ...
Billionaire Candy brothers foot £4m tax bill over purchase of £68million ...
Billionaire Candy brothers foot £4m tax bill over purchase of £68million Georgian mansion after legal loophole forced them BOTH to pay stamp duty Developer Nick Candy, 48, called the HM Revenue and Customs' decision to tax them twice 'patently unfair'  He and his brother Christian, 46, both had to pay £1.92million stamp duty tax for the purchase of one property Hit by a law which is in place to prevent buyers transferring ownership during the middle of a sale  Tribunal backed the HMRC decision because Christian transferred ownership six months too late

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Billionaire developers Christian and Nick Candy have been taxed almost £4million for a single purchase after falling through a legal loophole.

Nick called the HM Revenue and Customs decision 'patently unfair' after the brothers were taxed twice for the purchase of a Georgian mansion in London.

Christian, 46, and Nick, 48, were both ordered to pay a stamp duty land tax (SDLT) levy of £1.92million on the west London property.

They fell victim to a law meant to prevent buyers avoiding tax by transferring ownership during the middle of a sale, The Times reported.

A tribunal backed the Government decision last month after Christian started building work on Gordon House despite not finalising the purchase - which triggered a rule that the purchase was 'substantially performed'.

Nick called the HM Revenue and Customs decision 'patently unfair' after the brothers were taxed twice for the purchase of a Georgian mansion (pictured) in London

Nick called the HM Revenue and Customs decision 'patently unfair' after the brothers were taxed twice for the purchase of a Georgian mansion (pictured) in London

This meant when he decided not to move in and instead gave it to his brother - who completed on the purchase - he

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