Tuesday, Jul 28, 2015

Living space is a commodity

Guardian: David Cameron vows to fight against 'dirty money' in UK property market

I am heartened that our PM speaks but WTF! You couldn't make this stuff up. "One in 10 properties in the City of Westminster, central London, are estimated to be owned by companies registered in an offshore secrecy jurisdiction, according to Transparency International figures provided by Downing Street, while £120bn worth of properties in England and Wales are owned offshore." Only the little people think property is for living in.

Posted by quiet guy @ 01:47 AM (4389 views)
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1. Alan said...

Would this dirty money scandal be a great starting point to allow the housing bubble to burst?

Tuesday, July 28, 2015 07:34AM Report Comment

2. icarus said...

It's not exactly like looking for a needle in a haystack. Clues include - buyers registered mostly in BVI or Jersey secrecy jurisdictions, activity centred around Westminster or Kensington & Chelsea properties, especially unoccupied luxury new-build.

Cameron has been in office for 62 months. What has he done so far?

Tuesday, July 28, 2015 08:25AM Report Comment

3. jack c said...

A blind eye is regularly turned to this sort thing until it suits the government of the day to say ortherwise.

This from 2011

Colonel Gaddafi's British property portfolio, including a string of properties in prime locations in central London, could be worth up to 1 billion.Prosecutors from the International Criminal Court are believed to have arrived in Britain to seize the dead Libyan dictator's many UK assets.Members of the Libyan National Transitional Council have asked London-based estate agents and financial experts to help identify his British investments.According to the Sunday Times, the Gaddafi family's portfolio includes Beaufort House, a 150 million office block in the City, and 155 million Portman House in Oxford Street.The family also owns 18 million of apartments in south Kensington and the site of a 33 million private hospital in St John's Wood. Many of Gaddafi's UK assets have been frozen by the British Government, but the international court can take control of any property regarded as proceeds of crime.

SOURCE www.standard.co.uk/news/investigators-trace-1-billion-gaddafi-assets-in-london-6365325.html

Tuesday, July 28, 2015 09:20AM Report Comment

4. mombers said...

Simple solution is to apply money laundering laws to ATED payments. Can't explain how you're paying your 200k anonymisation service fee? Forfeit your safety deposit box.

Tuesday, July 28, 2015 10:51AM Report Comment

5. doomwatch said...

Besides those horrible Jonny Foreigners using off shore companies, we must not forget there are many wealthy natives of the UK
who have used off shore trusts/companies to avoid things like stamp duty for MANY years.

One could imagine that a few of these chummies were at Eton, so maybe DC won't point the finger in their direction ?

Tuesday, July 28, 2015 11:19AM Report Comment

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