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Sovereign Wealth Funds Briefing - Categorized | Financials

Qatari Diar faces higher tax bill on Chelsea Barracks purchase

Posted on 16 July 2013

Qatar’s sovereign-wealth fund is liable for at least 12 million pounds ($18 million) more in taxes on an affiliate’s purchase of the Chelsea Barracks London luxury-housing development, a U.K. tax tribunal ruled.
The panel ruled that Project Blue Ltd. must pay 50 million pounds in stamp duty, a levy on residential real estate transactions, Her Majesty’s Revenue & Customs said in an e-mailed statement today. The Qatari Diar Real Estate Investment Co. affiliate would have paid 38 million pounds if it weren’t for the bid to avoid all of the stamp duty land taxes due, according to the statement………………………………………..Full Article: Source


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