AML: HMRC flexes enforcement muscle to the tune of £7.8 million
We were instructed by a Middle Eastern client to purchase an apartment in the West End of London for £2,050,000. Our client was desperate to buy it and did not want to carry out a survey/valuation. On our advice, the client did proceed with a survey and valuation and the report following the investigation came in at less than £2m. The valuation enabled us to negotiate the price down to £2,000,000, which we did on behalf of the client. This resulted in a saving of £50,000 on the price, which also had another benefit of reducing the Stamp Duty Land Tax (SDLT) liability from 7% to 5% (approx. £43,500 saving).
The firm has always provided an extremely high level of service. They recognise the value of a client relationship by making themselves available and meeting any deadline – no matter how unreasonable! The standard of the work is always of the highest calibre.
Chambers 2014, a client's guide to the UK legal profession
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