Revealed: Which Budleigh commercial properties are owned by overseas companies?

PUBLISHED: 06:30 27 November 2017

TM Holdings, based in Jersey, brought the building at 60 High Street, Budleigh, in 2015. Picture: Google

TM Holdings, based in Jersey, brought the building at 60 High Street, Budleigh, in 2015. Picture: Google

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The latest information from the Land Resgistry reveals which property in Budleigh Salterton is owned by companies based in overseas tax havens.

Offshore companies are taking advantage of loopholes allowing them to buy up property in Budleigh Salterton, it has been revealed.

Latest information from the Land Registry shows that there are a number of commercial properties and land in Budleigh owned by companies registered in offshore tax havens.

They are not doing anything illegal but foreign-based companies don’t have to pay tax on profits from sales of commercial real estate - while British-registered companies do. Buyers can also minimise stamp duty when the property is sold on.

According to the Land Registry figures, there are two properties and two other areas of land in the town which are owned by foreign companies.

Isle of Man-based company Spangle Limited purchased a property at 10 Station Road as well as two areas of land to the north and the east of Upper Stoneborough Lane in April 2013. The prices for these purchases are undisclosed.

In September 2015, TM Holdings, based in Jersey, brought the building at 60 High Street for £110,000.

The building was previously the home of the NatWest bank before it was converted into Earls Coffee House last year.

Budleigh Salterton deputy mayor and East Devon District Council ward member Tom Wright said he would be interested to know who the beneficiaries of these companies were.

He said: “This comes as a complete surprise to me.

“It would be interesting to find out what owns these companies.

“I find it amazing because none of these properties are particularly high value.

“I assumed that the commercial properties were owned by local business people and organisations which is certainly the case in the vast majority of commercial properties, such as Clinton Devon Estates.”

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