Wetherell Mayfairs Fitnes Properties

Thursday 29th March 2012

Broadcast live from The National Theatre this is a chance to catch their sold out production of  She Stoops to Conquer.

"Hardcastle, a man of substance, looks forward to acquainting his daughter with his old pal’s son with a view to marriage. But thanks to playboy Lumpkin, he’s mistaken by his prospective son-in-law Marlow for an innkeeper and his daughter for the local barmaid. The good news is, while Marlow can barely speak to a woman of quality he’s a charmer with those of a different stamp. And so, as Hardcastle’s indignation intensifies, Miss Hardcastle’s appreciation for her misguided suitor soars. Misdemeanours multiply, love blossoms, mayhem ensues. One of the great, generous-hearted and ingenious comedies of the English language, Oliver Goldsmith’s She Stoops To Conquer offers a celebration of chaos, courtship and the dysfunctional family."

For tickets contact The Curzon Cinema 0330 500 1331 or curzoncinemas.com

Proposals for Annual Levy for Off-Shore Companies owning Residential Property
Here is the update on what the Government and HMRC intends to annually charge off-shore companies holding residential assets in UK
If they now put the property in their own name they would trigger 7% SDLT charge creating a one off windfall tax which is really a tax raid on wealth.
The annual charges that will come into force on residential property owned by companies from April next year are currently proposed as:

• £15,000 a year for properties worth between £2 million and £5 million
• £35,000 for properties worth between £5 million and £10 million
• £70,0000 if property worth between £10 and £20 million and £140,000 a year for properties worth more than £20 million

This annual charge will be an even bigger and unjust burden for those living in the UK, given that any income they earn here or bring onshore to pay their annual fee will be taxed, probably at the top rate of 50% (for the next year), meaning that their effective charge is doubled!
In addition, disposals of residential property held by a company will be liable to Capital Gains Tax.
Based on our analysis of Wetherell sales over three and a half years (since 1/10/08) of 87 direct sales amounting to £330M (excluding 17 joint agent sales of a further £100M) 61% of those transactions were over the £2M band with 64% from overseas purchasers of which 79% bought in a company name.  If they all re-registered onshore and paid SDLT our one office would generate over £7M of tax levy!
Of these 53 sales the breakdown of sales per band are as follows:

• £2-5M               66%
• £5-10M             22.5%
• £10-20M            9.5%
• £20M+              2%

If you took an example of 2 houses in the core market of £2-5M band the off shore company would have the following options

• Pay Annual Levy of £15K p.a.?
• Come onshore and pay SDLT @ 7%?
• £2M house would pay SDLT @ £140K or pay £15K p.a. which equates to just over 10% of SDLT
• £5M house would pay SDLT @ £350K or pay £15K p.a. which equates to 4.3% of SDLT

Given the new stamp duty regime, the debate among legal and accounting professionals is now about the possibility of using nominees or trusts to help buyers maintain their privacy and organise their tax affairs as they would like.
The HMRC proposals have now gone out to consultation, lobbying is essential to iron out the enormous irregularities in these proposals which might deter overseas investment into prime central London.

I believe the Conservatives thought they were throwing the Liberals a bone to do the deal on the upper rate income tax reduction.

Vince Cable was thought of as a persistent Jack Russell with his “Mansion Tax” proposals.  Sadly George Osborne has effectively turned him into a Pit-Bull Terrier and we all know what we want to do with them!

The old adage of “Nothing in life is certain except death and taxes” did not really relate to off-shore companies investing in UK residential property.  It will now need to be updated to “You are damned if you do and dammed if you don’t”.

PARW
28/3/12

Today The Crown Estate unveiled a commemorative plaque to David Bowie’s iconic creation, Ziggy Stardust marking the 40th anniversary of his album, ‘The Rise and Fall of Ziggy Stardust and The Spiders from Mars’.
The plaque was unveiled at 23 Heddon Street, just off Regent Street, where the photograph on the front cover of the album was taken – a fact little known until now.
David Shaw, Head of the Regent Street Portfolio at The Crown Estate said: “Regent Street is famous for many cultural firsts. Not only was the first British cinema opened in Regent Street but the seminal album that launched Ziggy Stardust’s arrival on planet earth had its spiritual home in Heddon Street which is now the food quarter to Regent Street. Regent Street is proud of the association with David Bowie - a true British cultural icon."
Unveiling the plaque Gary Kemp, Spandau Ballet said: “Ziggy was the ultimate messianic rock star, and with him David Bowie successfully blurred the lines; not just between boys and girls, but himself and his creation. Bowie was Ziggy come to save us – and I bought him hook, eyeliner and haircut. It seems right that it should be the job of a fan boy and I am very honoured”.

The Mayfair Residential Property Market
Contrary to Government claims that foreigners are exploiting the tax system through company purchases of property, Wetherell data research in Mayfair indicates that although 79% bought in a company name 97% paid the stamp duty.  This indicates that the proposals are more political than monetary.

Analysis Criteria
Wetherell have analysed their sales of residential property in Mayfair since 1/10/2008 to today’s date

1. What effects will the budget proposals have on the sales market in Mayfair in both volume and value terms?
2. Should we be focusing on the increase of stamp duty figure to 7% or 15%?

Note: Analysis of 87 sales amounted to £330M but excluded 17 joint sales agencies amounting to a further £100M of sales.

61% of Mayfair market is in excess of £2M
61% of Sales represent 91% Value
Overseas Purchasers represent 64% of £2M+ market
79% Overseas Purchasers bought in a Company name
97% of Overseas Buyers paid Stamp Duty

What Price is the Cost of Privacy?

Our analysis of sales data shows that the issue of overseas purchasers avoiding stamp duty is not an issue as 97% paid the levy.

However with 64% of the market over £2M going to overseas buyers and three quarters of them using a company vehicle to purchase it would suggest that they have taken professional advice for inheritance, capital gains or privacy reasons.

• Wetherell therefore have the view that the focus should be on the market effects of the 7% rate and not the 15% figure
• The supply of property in Mayfair is finite and for those wishing to purchase the cost of entry has been increased by 2%
• In a market which is still catching up with other prime central London locations this 2% increase will be absorbed by the purchaser and not have an effect of being a tax on the vendor
• The 15% tax rate is the cost of privacy

These proposals now have to be ratified by Parliament.  The devil is in the detail but the Government should be cautious about treating central London as a cash cow after it has worked so hard and turned itself into a Global success story.

To read our full report please see the attached PDF.

Le Gavroche in Upper Brook Street is named after a street urchin in Victor Hugo’s Les Miserables. The restaurant, which opened 45 years ago in 1967, was the first in the UK to be awarded three Michelin stars in 1982. Chefs Marco Pierre White, Gordon Ramsay and Marcus Wareing have all worked in there.

Hugo Vickers – 17th May 2012

This Spring, Literati are proud to announce that leading author and one of Britain's most distinguished royal historians, Hugo Vickers, will be hosting the next Literati – The Grosvenor House Book Club – on Thursday 17^th May 2012.

To coincide with The Queen’s Diamond Jubilee, esteemed broadcaster and writer Hugo Vickers will discuss The Queen and the Coronation, celebrating the life and reign of a much-loved monarch on the 60th anniversary of her accession to the throne.

Hugo Vickers has been observing the Queen since childhood and has written many biographies of members of the Royal Family, including the Queen Mother, the Duchess of Marlborough and The Duke and Duchess of Windsor. Drawing from his own extensive archives and encyclopedic knowledge of the Royal Family, Hugo Vickers’ talk promises to be an illuminating and vivid account of Her Majesty’s role and character. As such, he has most recently welcomed The Queen outside Buckingham Palace to unveil the Jubilee Greenway plaque which marks the start of the Jubilee Greenway Walk - 60km of continuous, green and attractive paths linking all nine central London Olympic venues with some of the capital’s best attractions, heritage, parks, waterways and views.

Event commences at 6.30pm for a 6.45pm start. Tickets are priced at £20 which includes a copy of one Hugo Vickers’s books to take away as a souvenir, welcome drinks and canapés.

To book visit: Grosvenor House Literati

Sunday 18 March at 12noon (Mothering Sunday)

Fortnum & Masions in store bakers, Fred & Andrew, will take you and your mother through scone making step–by-step. Ticket price includes a glass of wine, a Fortnum & Mason tea towel and your freshly baked scones to take home, rightly proud of your joint efforts.
Held in the demonstration Kitchen, First Floor. Ticket Price: £30 per person. Reservations: 0845 602 5694

For those of you looking to join in the fun of the traditional St Patrick's Day celebrations in London, then Mews of Mayfair is the place to be on Saturday 17th March.
As a toast to our neighbours across the Irish Sea Mews will be offering two traditional themed cocktail shots.
Both the 'Baby Guinness' and the 'Irish Flag' shots will be available throughout the day and into the early hours in both their cocktail and lounge bar. Happy St Patrick's Day and 'Slainte'!

Mews of Mayfair

Tuesday 13 March at 6pm

Laura King from King's Fine Food will lead a tasting of the finest smoked salmon and gravlax, explaining how the fish is cured and smoked to create these prized dishes.

Celebrated distillers Sipsmith will be on hand too, matching the fish with their prize winning spirits. Sipsmith is the first gin and vodka distiller to be licensed in London in 189 years, creating spirits that are intense, smooth, full of character and, above all, wonderful to drink.

Tickets £10
To book, call 020 7499 6843 themountstreetdeli.co.uk

With at least 4 eggs nestled in Mount Street alone the hunt is on!  Hidden across London each artisan crafted egg has a special code word which when texted to 80001 earns you a place in a draw to win the stunning Faberge Diamond Jubilee Egg.  Money raised from the text messages and the auction of the eggs themselves will be divided between the charities The Elephant Family and Action for Children.  Click to see all the eggs and to find out more about the completion & charities.