A Russian financier has lost a tax dispute over his £5.75million London home after wrongly claiming part of the property was commercial space rather than a luxury entertainment area.
Andrei Tretyakov, founder of hedge fund Blue Wire Capital, became embroiled in a row with HMRC over stamp duty payments for the 5,000 square foot property he purchased in June 2021.
A tribunal has now upheld a bill of nearly half a million pounds after rejecting claims that the ground floor, which features a wine cellar, pool room and private bar, qualified as commercial premises.
The converted bacon-smoking factory boasts impressive entertainment features across its ground floor level.
At its heart is a 900-bottle wine cellar, complemented by a spacious pool room and a striking 40-foot private bar.
Estate agency Nest Seekers International described the property as a "staggering conversion" and "perhaps one of the finest properties for entertaining that we have ever listed."
The current owner has, quite frankly, gone to town. We are talking about a 40 foot private bar and games room."
Tretyakov purchased the property at a £1.2million discount from its £6.95million asking price.
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By claiming the ground floor was for commercial use, he paid a 'mixed-use' stamp duty rate of just £277,000 instead of the full residential rate of £761,250.
His legal team argued in court that Nest Seekers International had advised him he did not need to pay the full rate.
However, the estate agency's sales literature contained no evidence to support this claim about the property's mixed-use status.
Joseph Adunse, a tax partner with accountancy firm Moore Kingston Smith, said the estate agency's emphasis on the ground floor's use as a party area was crucial to the final decision.
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Andrei Tretyakov, founder of hedge fund Blue Wire Capital, became embroiled in a row with HMRC over stamp duty payments for the 5,000 square foot property he purchased in June 2021.
A tribunal has now upheld a bill of nearly half a million pounds after rejecting claims that the ground floor, which features a wine cellar, pool room and private bar, qualified as commercial premises.
The converted bacon-smoking factory boasts impressive entertainment features across its ground floor level.
At its heart is a 900-bottle wine cellar, complemented by a spacious pool room and a striking 40-foot private bar.
Estate agency Nest Seekers International described the property as a "staggering conversion" and "perhaps one of the finest properties for entertaining that we have ever listed."
The current owner has, quite frankly, gone to town. We are talking about a 40 foot private bar and games room."
Tretyakov purchased the property at a £1.2million discount from its £6.95million asking price.
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By claiming the ground floor was for commercial use, he paid a 'mixed-use' stamp duty rate of just £277,000 instead of the full residential rate of £761,250.
His legal team argued in court that Nest Seekers International had advised him he did not need to pay the full rate.
However, the estate agency's sales literature contained no evidence to support this claim about the property's mixed-use status.
Joseph Adunse, a tax partner with accountancy firm Moore Kingston Smith, said the estate agency's emphasis on the ground floor's use as a party area was crucial to the final decision.
Find Out More...