HMRC have made the record books in Wales, for agreeing the largest office deal ever seen in Wales.
HMRC will move to a new headquarters in the centre of
Cardiff - at the heart of a new public sector hub that will employ
4,000.
HMRC, which
currently has its main tax office in Wales in the Llanishen area of
Cardiff, has signed up to a new 266,000 sq ft building in a major
pre-let deal which marks the next phase of development at the Central
Square regeneration scheme in the centre of the capital.
WalesOnline reports that it is scheduled for
completed in late 2019, with HMRC moving into its new offices from 2020.
The 12 storey building will be known as 6 Central Square. It will be built by construction firm Robert McAlpine. However, there is the small matter of planning consent for the £100m project. A determination is expected next month.
The move will allow HMRC to sell its existing site
in Llanishen for redevelopment, potentially for a housing led
regeneration scheme. Some 3,600 HMRC staff (full-time
equivalent) will be based in the HQ.
HMRC has agreed a 25-year lease for its new building at
Central Square. It is understood there is no break clause and the rent -
starting at around £16 a sq ft per annum - will be subject to rent
reviews based on the then retail prices index measure of inflation every
five years.
HMRC is also forward committing £20m to the fitout of the building.
Once
completed the building's ownership with transfer to L&G's pension
arm - for what is a prized investment asset, due to the strong covenant
provided by a government organisation over 25-years with no break
clause.
Minister for Government Resilience and
Efficiency, Caroline Nokes, said:
“This Government is committed to
delivering the best quality public services in every corner of the UK,
and today’s announcement is an important step towards that.
This
new lease is great news for Cardiff, and will deliver a range of
benefits to people in Cardiff, from improved public space and transport
to better access to the Principality Stadium from the station.”
Let us trust that the rent that HMRC pays is "reasonable" when compared to similar properties/locations. Let us also trust that the building remains fit for purpose for the expected 25 year rental period!
Tax does have to be taxing.
Professional Cover Against the Threat of Costly TAX and VAT Investigations
Insurance to protect you against the cost of enquiry or dispute with HMRC is available from several sources including Solar Tax Investigation Insurance.
Ken Frost has negotiated a 10% discount on any polices that may suit your needs.
However, neither Ken Frost nor HMRCISSHITE either endorses or recommends their services.
What is
Solar Tax Investigation Insurance?
Solar Tax Investigation Insurance is a tax-fee protection service that will pay up to £75,000 towards your accountant's fees in the event of an HM Revenue & Customs full enquiry or dispute.
To find out more, please use this link
Solar Tax Investigation Insurance
HMRC Is Shite (
www.hmrcisshite.com), also available via the domain
www.hmrconline.com, is brought to you by
www.kenfrost.com "
The Living Brand"