The tax arrangements of property tycoons the Candy brothers, developers of One Hyde Park and owners of Guernsey-based CPC Group, have been exposed in the Panama Papers. The Guardian newspaper has revealed that the brothers purchased and sold land worth £27m via offshore companies in moves that may have enabled them to avoid almost all UK tax on the transactions. Although the tax arrangements were not illegal, they may lead to further demands for greater transparency over UK property ownership. The permission was renewed in 2011. A spokesman for the Treasury said: “The government is clear about its commitment to tackling avoidance by multinational corporations – we are working with our international partners to ensure there is a level playing field across the world
The tax arrangements of property tycoons the Candy brothers, developers of One Hyde Park and owners of Guernsey-based CPC Group, have been exposed in the Panama Papers. The Guardian newspaper has revealed that the brothers purchased and sold land worth £27m via offshore companies in moves that may have enabled them to avoid almost all UK tax on the transactions. Although the tax arrangements were not illegal, they may lead to further demands for greater transparency over UK property ownership. A spokesman for the Treasury said: “The government is clear about its commitment to tackling avoidance by multinational corporations – we are working with our international partners to ensure there is a level playing field across the world