Some Big Surprises Among The 6 Top Taxpayers In UK Property
The Sunday Times last week revealed the 50 people who paid the most UK tax last year. Among them, these 50 people or families handed over £2B to the taxman.
The list was headed by JD Sports majority owner Stephen Rubin, but six of the 50 were from the property industry. Here are those that made the biggest contribution to the UK exchequer and society.
Baroness Howard de Walden and family
The Howard de Walden family own one of the largest landed estates in London, comprising 850 buildings concentrated around Marylebone. Its main company paid £31.6M of tax in 2017-2018 and a further £12.5M on dividends, totalling £44M, placing the family 10th on the Sunday Times’ list. The family’s net worth is estimated at around £4B.
Lord Robert Edmiston
The name second on the list of property tax payers and 17th overall is a surprising one. Edmiston made his first fortune in the car sales business, but has made an even bigger fortune in property, with IM Properties one of the biggest names in Midlands real estate. He is estimated to have paid £34.4M in tax last year, putting him ahead of most of the major London landed estates.
The Duke of Westminster
The Duke of Westminster and Grosvenor family own 300 acres of Mayfair and Belgravia as well as assets around the world. The family’s wealth is estimated at around £10B. The Times estimates that the £71.4M dividend paid out last year will have generated tax of £27.2M, putting the family 22nd overall.
Earl Cadogan and family
One place behind the Grosvenors were the Cadogans, whose 93-acre Chelsea and Kensington estate includes the King’s Road. It paid £26.4M last year in tax on company profits and dividends.
Another surprise name among the top property taxpayers is Sten Mortstedt. He owns 63% of listed firm CLS Holdings, and so £21.2M of its £33.5M tax bill in 2017 was attributed to him, putting him 34th in the UK overall.
Creeping into the list at 46th is North West magnate John Whittaker. His Peel companies paid £9.1M, and 27% of Intu’s £24M tax bill is attributed to him, putting his outlay at £15.6M in total.