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 expected that the development will be completed in early 2016. What are the key issues surrounding...
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