Composer wins tax fight over Four Seasons
At least one of the 14 villa owners who invested millions of dollars in the failed Four Seasons Barbados project will be able to claim capital gains tax losses in England on their investment.
Judge John Brooks recently told the tax tribunal in London that Baron Andrew Lloyd-Webber, 71, and his wife Madeline, 57, should be credited for the “real loss” they suffered when they forked out as much as 20 million pounds for two villas.
Lord Webber, a famous composer and impresario had paid a deposit of eight million pounds upfront for the properties, one of which was being sold for nearly £10 (£1 = BDS$2.61) million and the other for more than £7 million.
When they first made claims for capital gains tax losses, the HM Revenue and Customs disallowed the claims and the couple filed an appeal. (MB)
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