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Ask an expert: Impact of annual tax on enveloped dwellings for property developers

Question

My client whom I shall call Mr Sugar is a non-dom property investor. He is about to buy a building in central London which is made up of five self-contained flats. The purchase price will be £11m. As required by the lender which is funding part of the purchase price he will purchase the building through a UK company. The building is quite run down and Mr Sugar intends to do up each of the flats to enhance their value. Some of the flats will then be sold off by granting long leases while others may be let to tenants on short-term lets.

Mr Sugar isn’t very clear about his intentions for each flat but as he said to me: ‘The London property market can only go one way so it’s got to be a good thing to invest now.’...

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