Investors in the redevelopment of Liverpool’s Stanley Dock, who took advantage of the government-sponsored business premises renovation allowance in the initial stage of the renovation process, have been told to repay the BPRA relief they received.
The decision comes as HM Revenue & Customs attempts to recover around £7bn related to disputed tax-avoidance schemes.
Stuart Stead, head of property at law firm Cowgill Holloway, said the tax break was aimed at encouraging investment in such developments and the latest move would slow the regeneration programme and deter investors. Some six schemes qualified for BPRA relief last year, down from 19 a year earlier.
