Project Blue Ltd, the Qatari government owned vessel for the Chelsea Barracks development in London, has been held to account to the tune of £38m after an HMRC tax tribunal upheld a legal ruling against an SDLT avoidance scheme.
The decision – a test case for a targeted anti-avoidance rule in the SDLT legislation – opens up around £123m in duty that’s been protected by the same sub-sale alternative finance scheme.
- Project Blue sidesteps £50m Chelsea Barracks SDLT bill May 31, 2016
- Qatari Diar brushes off Chelsea Barracks delay claims August 1, 2016
- Chelsea Barracks apartments ‘already selling at £4,500 psf’ April 26, 2016