HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Wednesday, 19 May 2010

Peterlee – Emerald Court, Bracken Hill Business Park

WTF
I have, on occasions, mentioned Mapeley (an offshore property company) and the rather lousy deal that HMRC made with Mapeley.

Here is a wee example of how HMRC, albeit inadvertently, have helped others make a nice little profit.

Source Drivers Jonas Deloitte

Client
Matrix Securities Ltd

Area of Advice
Disposal of a call centre

Vendor
Matrix Securities Ltd

Purchaser
Mapeley

Terms
Sold for £11.1m to show a net initial yield of 6.0%.

Date of Deal
June 2006

Our Role
We arranged the sale of a 61,000 sq ft call centre, let to the Inland Revenue, with a passing rent £717,000 pa.

The syndicate, put together by Matrix who funded the construction of the property on a speculative basis 7 years ago, were thrilled with the outcome - some £1m over expectations and provided them with a very healthy return.
"

I suppose though that an element of the profits made by all the parties involved, those who are onshore at least, are taken back by HMRC via tax.

Tax does have to be taxing.

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