UK ‘more attractive’ for Russian dirty cash after property tax climbdown

dhita yudha

Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment
Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment

The UK government has been accused of undermining efforts to tackle illicit Russian cashflows into Britain after it watered down a planned tax on overseas buyers.

An extra stamp duty charge for non-residents comes into force in England and Northern Ireland next April.

The government approved a 2% ‘surcharge’ in little-noticed documents published without fanfare on Tuesday (21 July), the same day as MPs’ heavily critical report on Russia.

But the Conservatives had promised a 3% levy as recently as November – and the low-key reduction of the planned rate has faced little scrutiny.

A financial crime lawyer warned in the wake of the Russia report that reducing the rate risked making Britain “more attractive” for money laundering.

Little-noticed watering down of party pledge

In the run-up to the election last year,

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UK ‘more attractive’ for illicit Russian cash after property tax climbdown

dhita yudha

Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment
Expensive homes in London, where wealthy overseas investors have long invested their cash. Photo: Matt Crossick/ EMPICS Entertainment

The UK government has been accused of undermining efforts to tackle illicit Russian cashflows into Britain after it watered down a planned tax on overseas buyers.

An extra stamp duty charge for non-residents comes into force in England and Northern Ireland next April.

The government approved a 2% ‘surcharge’ in little-noticed documents published without fanfare on Tuesday (21 July), the same day as MPs’ heavily critical report on Russia.

But the Conservatives had promised a 3% levy as recently as November – and the low-key reduction of the planned rate has faced little scrutiny.

A financial crime lawyer warned in the wake of the Russia report that reducing the rate risked making Britain “more attractive” for money laundering.

Little-noticed watering down of party pledge

In the run-up to the election last year,

Read More

NYC Property Mogul Charles Cohen Sticks With Buy-and-Hold Plan in Crisis

dhita yudha

(Bloomberg) — All over Manhattan, trouble is brewing for billionaire Charles Cohen.

Rent collections lag at the Decoration & Design Building, his Midtown showroom palace for interior designers. He’s 60 days delinquent on loan payments for his 42-floor office tower at 3 Park Avenue South.

Even Quad Cinema, his beloved art-house theater in Greenwich Village, is dark — yet another sign of the travails facing the Cohen empire in the time of Covid-19.

If Cohen is sweating, he’s not admitting it. He is, after all, the scion of one of the city’s great real-estate families, with the psychic freedom of a $3.6 billion fortune.

“New York is going to get through this,” Cohen, 68, said during an interview from his Lexington Avenue headquarters. “At the end of the day, there’s no place like New York.”

Still, the pressure is building — and not only for Charles Cohen. The pandemic threatens

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