Billionaire property developer Christian Candy wins £2m stamp duty refund from HMRC after court battle with taxman over £68m Georgian mansion
- Christian Candy, 50, is a British billionaire luxury property developer
Christian Candy has won a £2million refund from HMRC for stamp duty he paid after a lengthy court battle with the taxman over his £68million Georgian mansion.
The billionaire property developer, 50, purchased the stunning mansion with views of the Thames with his brother Nick, 52, before beginning renovations and paying stamp duty on the house.
Candy gifted the mansion to his brother, who was then also told he must pay stamp duty of the same amount.
After shelling out nearly £2million too much in tax, the younger brother lost a legal battle to require a refund after the HMRC ruled he missed the deadline to claim his money back.
But now, following an almost decade-long fight against HMRC, the billionaire has come out triumphant after receiving £1.92million plus £270,000 in lost interest from the taxpayer as a bonus for the inconvenience, The Times first reported.
The case was an unusual battle over double taxation on the purchase of the extraordinary mansion, which sits among two acres and boasts an orangery created by the baroque architect Sir John Vanbrugh.
Candy exchanged contracts in a deal worth £68million in 2012, with payment for two leases due in multiple instalments.
Christian Candy purchased the stunning mansion with views of the Thames (pictured) with his brother Nick before they both paid the same amount of stamp duty
Christian Candy (left) is married to socialite and former nightclub hostess Emily Crompton (right), who he wed in a lavish ceremony in 2010
Nick Candy (right) is married to Australian actress Holly Valance (left), and still lives in the London mansion
The billionaire made the first payment before beginning building works, including an impressive swimming pool, cinema and separate lodge.
The start of the renovations ignited a HMRC decision that the purchase had only been 'substantially performed', so Candy splashed out on stamp duty of £1.92million.
After paying £27.4million already, Candy gifted the property to his brother in 2014, who paid the final instalments and finished the work - before paying £1.92million in stamp duty again.
Following the transfer, Candy applied for a refund on the stamp duty he had paid, claiming the two brothers had both purchased the same tax.
But a Court of Appeal judge supported HMRC's ruling to reject Candy's claim, stating he was out of time for a refund.
Under HMRC rules, the billionaire had only 12 months to apply for the refund after filing his previous tax return, but he had taken 18 months.
Candy designed the world's most expensive penthouses at One Hyde Park in 2011 with his brother Nick
The penthouse was finished off to the highest standard and boasts stunning views of London
Nick and his wife Holly bought a seven-bedroom mansion in the Cotswolds in 2021
The seven-bedroom Cotswolds property has a pool, stables, tennis and squash courts
Nick's Cotswolds mansion has a stunning swimming pool surrounded by greenery
Nick, pictured with his glamorous wife, is also the treasurer of Reform UK
But in a new verdict this week after a further appeal, Judge Vimal Tilakapala allowed Candy's appeal on a separate basis, stating that the law in fact granted him four years to lodge the claim.
His brother Nick Candy, who is married to Australian actress Holly Valance, still lives in the house.
Nick is also the treasurer of Reform UK.
Candy is married to socialite and former nightclub hostess Emily Crompton, who he wed in a lavish ceremony in 2010.
In 2021, it was revealed Nick and his wife Holly bought a seven-bedroom mansion in the Cotswolds.
Candy sold a mansion in Regent's Park, central London, for £104million in 2020.
Candy designed the world's most expensive penthouses at One Hyde Park in 2011 with his brother Nick.
