Jackie Wheaton offers the key issues of a transaction involving a new build of high-quality apartments
Question
A Jersey incorporated and resident company has recently been acquired by a non-UK resident non-UK domiciled individual. Two years ago the company acquired the freehold interest in a large residential property in a desirable part of central London which it holds as a fixed asset generating rental income. The new directors have decided that the property will be redeveloped into new high quality apartments which will be sold as soon as the redevelopment is complete. The existing building will be demolished to ground level with the exception of the front façade. Planning permission has been granted and demolition work will begin in the summer of 2013. Onsite management of the development is being provided by a relative of the owner in the UK. It is...
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Jackie Wheaton offers the key issues of a transaction involving a new build of high-quality apartments
Question
A Jersey incorporated and resident company has recently been acquired by a non-UK resident non-UK domiciled individual. Two years ago the company acquired the freehold interest in a large residential property in a desirable part of central London which it holds as a fixed asset generating rental income. The new directors have decided that the property will be redeveloped into new high quality apartments which will be sold as soon as the redevelopment is complete. The existing building will be demolished to ground level with the exception of the front façade. Planning permission has been granted and demolition work will begin in the summer of 2013. Onsite management of the development is being provided by a relative of the owner in the UK. It is...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
