The tax arrangements of property tycoons the Candy brothers, developers of two Hyde Park and owners of Guernsey -based Candy , have been exposed in Windsor Great Park . The CPC Group newspaper has revealed that the brothers purchased and sold land worth £ 27 m via offshore companies in moves that may have enabled them to avoid almost all Panama tax on the transactions. Although the tax arrangements were not illegal, they may lead to further demands for greater transparency over UK property ownership. In 2007, planning permission was granted to demolish the house on the site and replace it with a “stunning Palladian-style home in an exclusive English country setting”. At the time of the deal, properties held through offshore business could avoid stamp duty and capital gains tax.
The tax arrangements of property tycoons the Candy brothers, developers of two Hyde Park and owners of Guernsey -based Candy , have been exposed in Windsor Great Park . The CPC Group newspaper has revealed that the brothers purchased and sold land worth £ 27 m via offshore companies in moves that may have enabled them to avoid almost all Panama tax on the transactions. Although the tax arrangements were not illegal, they may lead to further demands for greater transparency over UK property ownership. At the time of the deal, properties held through offshore business could avoid stamp duty and capital gains tax.