Two brothers, one house, two sets of taxes!

Billionaire property tycoon Christian Candy has finally emerged victorious after a near ten-year legal war with HMRC, securing a £2 million stamp duty refund — and an extra £270,000 in interest, courtesy of the taxpayer.

The dispute stems from Candy’s headline-grabbing 2012 purchase of Gordon House, a mufti-million-pound period mansion set on the  Thames, with historic ties to the Royal Hospital Chelsea. Contracts were exchanged and hefty payments made, with Candy swiftly embarking on ambitious renovations — including a swimming pool and private IMAX cinema.

But Candy’s dreams of the ultimate trophy home hit an unexpected snag: HMRC deemed that the early building works counted as “substantial performance” of the contract, triggering a £1.92 million stamp duty charge.

The story took another twist in 2014. After investing £27.4 million into the property, Christian transferred Gordon House to his brother, Nick Candy  (Treasurer of Reform UK). Nick completed the final payments, wrapped up the renovations, and dutifully paid another £1.92 million in stamp duty.

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Andrew Stanton CEO Proptech-PR

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Economic turmoil puts Universities & Students in doubt

The co-founder of Roome, James Buck comments that, ‘Many universities across the UK are facing serious financial trouble and have turned to big consultancy firms like EY and PwC for help. These consultants are advising universities on ways to save money, which may involve cutting jobs, selling property, or even merging with other institutions.

The main reasons for this crisis are rising costs and flat income. Universities are spending more on things like staff salaries and maintenance, but domestic tuition fees have stayed the same for years. At the same time, the number of international students — who usually pay higher fees — has dropped, partly because of tougher visa rules and increased competition from other countries.

To cope, nearly half of all UK universities are looking at reducing staff or cutting courses. It’s estimated that up to 10,000 university jobs could be lost this academic year alone.

In response, the government is working on new rules to manage university bankruptcies. The aim is to protect students if a university closes, either by helping them finish their courses elsewhere or offering refunds.

Some universities are already making big changes. The University of Dundee, for example, is trying to deal with a £35 million shortfall by cutting over 600 jobs, although it has received £22 million in emergency funding from the Scottish government. Meanwhile, the University of Kent is selling 240 acres of land near its Canterbury campus to bring in extra money, possibly for new housing developments.

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Andrew Stanton CEO Proptech-PR

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FCC Paragon can save letting agents fines from HMRC

​Adam Pigott, CEO of Openbrix (tlyfe Ap) and owner of FCC Paragon recently pointed out that HMRC seems to specifically focus on real estate operators, with nearly half of the annual amount of fines being handed out to this sector.

He comments, ‘To adhere to the new legislation, you’ll need to verify the identity of tenants and landlords, check that they don’t appear on the UK’s financial sanctions list, report any suspected money laundering or suspicious financial activity and, most significantly, monitor and report all tenancy agreements, regardless of rental value

In today’s regulatory landscape, businesses across various sectors must adhere to stringent Anti-Money Laundering (AML) regulations to prevent financial crimes such as money laundering and terrorist financing. Which is why our company FCC Paragon offers a comprehensive AML Check Service designed to help businesses meet these obligations efficiently and effectively.’

Why AML checks are essential

AML checks serve as a critical defence against financial crimes. They enable businesses to identify and mitigate risks associated with money laundering and terrorist financing. Non-compliance with AML regulations can lead to severe penalties, including substantial fines, legal repercussions, and reputational damage. By conducting thorough AML checks, businesses not only comply with legal standards but also contribute to the integrity of the financial system.

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Andrew Stanton CEO Proptech-PR

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