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hp72

Externally Small Terraced House - £39.5M - Mayfair

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Wow. This is taking extensions to a new level.....

http://www.rightmove.co.uk/property-for-sale/property-26111589.html

Originally (by the look of picture 11) a modest terraced house.

Extended every which way but loose. .

Yes, it's big, but who the heck has £40m (Oh, plus £1,975,000 stamp duty) to buy this???

Anyone who needs to hide capital away from the tax man and is a non-dom in the UK. We have the most lienent tax rules for property non-doms in the world. You can stick money into UK housing get a decent return through capital appreciation alone (i.e no need to rent it out) and the management fee to look after your £39.5m? Well, that's council tax and a 4% stamp duty (stamp spread over the years you hold the asset). So basically hold this money in property for 4 years and you're guranteed to get it back after a 1% fee per annum is charged and you get a reasonable rate of return. Now, think about the haircuts that europe is introducing for bank accounts over 100K, was it 15% in Cyprus? Which one would you prefer if you had £40m in the bank? UK property or US treasuries at the highest prices in 30 years?

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Fixed link: http://www.rightmove.co.uk/property-for-sale/property-26111589.html

This looks like the place that was featured on Evan Davies' programme on the divide between London and the rest of the UK a month or two back.

IIRC correctly the plates on the dining table cost over a grand a piece.

26/07/2013

  • Price changed: Guide Price £45,000,000 £39,500,000

It was even higher :blink:

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