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Yahoo
5 days ago
- Business
- Yahoo
The wealthy seaside idyll facing a tidal wave of taxes
Along the coastal roads in Sandbanks, luxury homes with carefully curated gardens line the streets. The sound of saws and hammers is almost constant as wealthy residents carry out lavish refurbishments, with some going as far as knocking down seafront houses to rebuild them all over again. However, this could all be about to change as Rachel Reeves considers raising taxes to fix Britain's strained public finances, with those with the broadest shoulders likely to bear the brunt. According to Adrian and Robert Dunford, who run the high-end local estate agency Tailor Made, residents of Britain's most sought-after postcode are already fearful. 'Most of our wealthy clients are older, and all of them can remember a Labour government,' says Adrian. 'Not the Blair government, but a true Labour government. The reality is that there is an expectation that the wealthy do tend to be focused on.' Nestled on a peninsula between Poole and Bournemouth along the south coast of England, with its golden sand beach, Sandbanks has long seemed the perfect place to retire. But for how long is another matter as a looming wealth tax threatens to trigger a fresh exodus of the rich from Britain, following on from the Government's non-dom tax raid earlier this year. 'It's a bit of a split market,' says Adrian. 'When I speak to wealthy individuals, some are just leaving the country and are fairly negative with regards to what is going on in the UK. Whereas others say they are happy to pay their tax and remain here.' 'We want to at least get back what we paid' The affluent neighbourhood, nicknamed Britain's Palm Springs, has long had the reputation of being a millionaire's playground, counting the likes of former footballer manager Harry Redknapp and chef Rick Stein among its residents. Lynn Conway is another, having moved to the area four years ago with her husband. However, she is now prepared to sell her £1.5m property in Sandbanks once the housing market picks up. Average property prices in Sandbanks have fallen 3pc to £1.3m in the past 12 months, according to Rightmove, as prospective buyers weigh up the impact of stamp duty charges and rising council tax levies on second homes. 'At the moment, we don't want to put anything on because we want to at least get back what we paid,' she says. 'If we sell ours and make £100,000 on it, it's going to cost us that to move with the extra stamp duty. So we're going to stay put for the time being.' It comes as Reeves is largely expected to raise taxes in the autumn to meet a budget shortfall potentially worth up to £20bn. Conway says it would be a 'real worry' if the Chancellor were to implement further tax increases. 'My husband retired in 2019, but we had Covid and the market all changed, so he's having to carry on working just to cover the mortgage here,' she says. Even in this wealthy corner of England, surrounded by multimillion-pound homes, the tax burden is still a concern. Lola May Massingham, the owner of luxury estate agent Prime Coastal Properties, says there are fewer wealthy buyers from London, Surrey and overseas because higher taxes and increased stamp duty rates are 'deterring investment'. 'It's not incentivising somebody that's worked their whole life to have a second home,' she says. 'I'm talking about business people who watch what the economy is doing, so they're going to be nervous.' About half of Massingham's buyers are looking for second homes in Sandbanks and the surrounding area, with many of Bournemouth FC's footballers interested in renting or buying in secluded neighbourhoods nearby. But as wealthy Britons consider whether to pack up and move overseas, Massingham says that the Reeves's decision to tighten non-dom rules risks pushing people abroad. 'We've seen people leave already' This is a particular threat as countries overseas seek to attract rich homeowners with lower taxes. For example, one of her clients who owns a manor in Hampshire is already exploring a move to Spain. Alongside non-dom changes and wealth tax fears, complaints have also been made regarding changes by the local council. From April 1, local authorities in England were given the power to charge a double tax premium on second homes under laws passed by the previous Conservative government. The Liberal Democrat-run council for Bournemouth, Christchurch and Poole brought the change into force, increasing the levy for properties in the most costly band from £4,509.88 to £9,019.76. 'I have been really hit by the increase in council tax,' says Jayne Kearney. 'It's now double, which makes it much more expensive owning a second home. 'I love this area and I've loved it since I was a child. It's kind of the price you pay for owning a second home.' The end to the stamp duty holiday in April is also a sore point. Kevin Webb, a resident of nearby Canford Cliffs, warned that high levels of the tax were scaring off prospective buyers. 'It's a ridiculous level you have to pay in stamp duty, absolutely ridiculous,' he says. Back at Tailor Made estate agents, glossy photos of multimillion-pound homes on the market across Sandbanks glisten in the office windows. Yet for some, the appeal of staying in the UK has lost its shine. 'We've seen people leave already,' says Adrian. 'Or just base themselves outside of the UK and come back to do their 90 days.' If this trend is anything to go by, more taxes in autumn will make the Sandbanks exodus a whole lot worse. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
5 days ago
- Business
- Telegraph
The wealthy seaside idyll facing a tidal wave of taxes
Along the coastal roads in Sandbanks, luxury homes with carefully curated gardens line the streets. The sound of saws and hammers is almost constant as wealthy residents carry out lavish refurbishments, with some going as far as knocking down seafront houses to rebuild them all over again. However, this could all be about to change as Rachel Reeves considers raising taxes to fix Britain's strained public finances, with those with the broadest shoulders likely to bear the brunt. According to Adrian and Robert Dunford, who run the high-end local estate agency Tailor Made, residents of Britain's most sought-after postcode are already fearful. 'Most of our wealthy clients are older, and all of them can remember a Labour government,' says Adrian. 'Not the Blair government, but a true Labour government. The reality is that there is an expectation that the wealthy do tend to be focused on.' Nestled on a peninsula between Poole and Bournemouth along the south coast of England, with its golden sand beach, Sandbanks has long seemed the perfect place to retire. But for how long is another matter as a looming wealth tax threatens to trigger a fresh exodus of the rich from Britain, following on from the Government's non-dom tax raid earlier this year. 'It's a bit of a split market,' says Adrian. 'When I speak to wealthy individuals, some are just leaving the country and are fairly negative with regards to what is going on in the UK. Whereas others say they are happy to pay their tax and remain here.' 'We want to at least get back what we paid' The affluent neighbourhood, nicknamed Britain's Palm Springs, has long had the reputation of being a millionaire's playground, counting the likes of former footballer manager Harry Redknapp and chef Rick Stein among its residents. Lynn Conway is another, having moved to the area four years ago with her husband. However, she is now prepared to sell her £1.5m property in Sandbanks once the housing market picks up. Average property prices in Sandbanks have fallen 3pc to £1.3m in the past 12 months, according to Rightmove, as prospective buyers weigh up the impact of stamp duty charges and rising council tax levies on second homes. 'At the moment, we don't want to put anything on because we want to at least get back what we paid,' she says. 'If we sell ours and make £100,000 on it, it's going to cost us that to move with the extra stamp duty. So we're going to stay put for the time being.' It comes as Reeves is largely expected to raise taxes in the autumn to meet a budget shortfall potentially worth up to £20bn. Conway says it would be a 'real worry' if the Chancellor were to implement further tax increases. 'My husband retired in 2019, but we had Covid and the market all changed, so he's having to carry on working just to cover the mortgage here,' she says. Even in this wealthy corner of England, surrounded by multimillion-pound homes, the tax burden is still a concern. Lola May Massingham, the owner of luxury estate agent Prime Coastal Properties, says there are fewer wealthy buyers from London, Surrey and overseas because higher taxes and increased stamp duty rates are 'deterring investment'. 'It's not incentivising somebody that's worked their whole life to have a second home,' she says. 'I'm talking about business people who watch what the economy is doing, so they're going to be nervous.' About half of Massingham's buyers are looking for second homes in Sandbanks and the surrounding area, with many of Bournemouth FC's footballers interested in renting or buying in secluded neighbourhoods nearby. But as wealthy Britons consider whether to pack up and move overseas, Massingham says that the Reeves's decision to tighten non-dom rules risks pushing people abroad. 'We've seen people leave already' This is a particular threat as countries overseas seek to attract rich homeowners with lower taxes. For example, one of her clients who owns a manor in Hampshire is already exploring a move to Spain. Alongside non-dom changes and wealth tax fears, complaints have also been made regarding changes by the local council. From April 1, local authorities in England were given the power to charge a double tax premium on second homes under laws passed by the previous Conservative government. The Liberal Democrat-run council for Bournemouth, Christchurch and Poole brought the change into force, increasing the levy for properties in the most costly band from £4,509.88 to £9,019.76. 'I have been really hit by the increase in council tax,' says Jayne Kearney. 'It's now double, which makes it much more expensive owning a second home. 'I love this area and I've loved it since I was a child. It's kind of the price you pay for owning a second home.' The end to the stamp duty holiday in April is also a sore point. Kevin Webb, a resident of nearby Canford Cliffs, warned that high levels of the tax were scaring off prospective buyers. 'It's a ridiculous level you have to pay in stamp duty, absolutely ridiculous,' he says. Back at Tailor Made estate agents, glossy photos of multimillion-pound homes on the market across Sandbanks glisten in the office windows. Yet for some, the appeal of staying in the UK has lost its shine. 'We've seen people leave already,' says Adrian. 'Or just base themselves outside of the UK and come back to do their 90 days.' If this trend is anything to go by, more taxes in autumn will make the Sandbanks exodus a whole lot worse.
Auto Blog
09-07-2025
- Automotive
- Auto Blog
Ferrari Makes a One-Off Daytona SP3 Unlike Any Other
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The Instant Modern Icon The Ferrari Daytona SP3 didn't have to try very hard to become a modern icon when it debuted in 2021. As the second member of Ferrari's ultra-exclusive Icona series, it combines a jaw-dropping silhouette with the soul of a racing legend. Beneath the sculpted body lies a 6.5-liter naturally aspirated V12 producing 828 horsepower, good for a 0-62 mph sprint in just 2.85 seconds. 0:01 / 0:09 Chevrolet says a next-gen Camaro is still possible. What could it look like? Watch More But the Daytona SP3 was always more than a spec sheet. It was a love letter to Ferrari's 1960s V12 prototypes – those mid-engined monsters that helped build the brand's legend. Of course, exclusivity came standard. Only 599 units were produced, all spoken for by Ferrari's most loyal clients. For most, owning one wasn't even an option. That changes this August at Monterey Car Week, where Ferrari is offering a one-of-a-kind Daytona SP3 to be auctioned for charity. It's unofficially the 600th car – Ferrari calls it '599+1' – and it's unlike any SP3 before it. Ferrari Tailor Made Went Bold Unlike the original 599 units, which were all individually commissioned by clients, this new car was entirely shaped by Ferrari's Tailor Made division, giving the team the license to go bold – and bold did they go. The result is a Daytona SP3 with a livery that breaks all the usual rules. It's finished in a bold yellow paired with exposed carbon fiber, not split traditionally across body panels, but asymmetrically off-center, and unmistakably intentional. The overall effect is loud, modern, and unlike any other SP3 before it. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Then there's the branding. Instead of the usual subtlety, Ferrari has spelled out its name directly across the car's length – half across the front, half across the rear – executed in a way the company has never done before. Down low, high-gloss black details replace the bare carbon fiber that's typical of the model, giving the car a more tailored, formal look. Inside, it gets even more experimental. The seats are trimmed in a textile made from recycled tires, patterned with a faint yet intricate Prancing Horse motif. The dashboard and steering column are finished in a grid-textured carbon composite borrowed from Ferrari's F1 program. Source: Ferrari One-Off, One Cause This unique Daytona SP3 will go under the hammer during Monterey Car Week at RM Sotheby's next month, with all proceeds benefiting The Ferrari Foundation. The funds will go toward global education projects, including the rebuilding of a wildfire-damaged school in California. Ferrari Daytona SP3 599+1 is, of course, a nod to the original run, and a reminder that even legends can stretch a little further when it's for the right reason. About the Author Jacob Oliva View Profile
Daily Mail
04-05-2025
- Business
- Daily Mail
Palm Beach entrepreneur flaunted his extreme lavish lifestyle but secretly stole $20M in client's tax returns
A Palm Beach entrepreneur has pleaded guilty to tax fraud after a federal investigation revealed that he stole over $20million from his clients' tax returns. Matthew Brown, 51, was engrossed in the posh lifestyles of the Florida elite until it all came crashing down last September when the Department of Justice filed felony charges against him. He faced two counts of tax fraud for failing to pay trust fund taxes and filing a false tax return, according to court documents reviewed by The state argued that Brown's scam funded luxury cars, including Ferraris, a jet plane, a yacht, and a slew of commercial real estate. Brown was accused of using the dirty money to purchase up to 48 vehicles, including 27 Ferraris. He also purchased a Valhalla 55 Sport luxury cruising yacht, which earned him a spot in the winter 2023 edition of Valhalla magazine. Brown and his wife, Kristin, spoke to the publication at the time of purchase about why they decided to buy the yacht, unbeknownst to anyone that he was committing fraud. 'We love the way Viking and Valhalla treat you like family,' Kristin said of the yacht company. 'We are car enthusiasts and support the Ferrari brand, where you get that same type of special support. To feel like you're family and are truly appreciated is invaluable,' she added. Brown said he looked forward to purchasing the yacht and planned to use it to take his friends fishing for sailfish, dolphins, and tuna. Kristin also earned herself a spread on Ferrari's website for her visit to the New York City Ferrari Tailor Made showroom. She was described as an 'avid Ferrarista' and revealed that she likes a specific look for her luxury cars. 'They are all white exteriors, with black or carbon wheels. And I always do accents of red: red brake callipers, red accents in the interior,' Kristin said. The feature described Kristin's experience getting her tailor-made Ferrari. The news release concluded, 'For her part, Brown is already thinking about her next car.' Kristin added that after going tailor-made, 'It's hard to even think about not doing the process for every car.' Kristin has not been charged with any crime but now the Browns' life of Ferrari collections and yacht trips with friends has come to a screeching halt. Brown has traded in his luxury lifestyle for a prison cell as he was sentenced to 50 months and two years of supervised release on April 24. He was also fined $200 and will have to pay $22,401,585 in restitution to the companies he stole from. Brown committed tax fraud through his business, Elite Payroll, a payroll and human resource services company. From 2014 through 2022, Brown withheld funds from his clients and underreported their tax liabilities, according to court documents. He then pocketed the difference. 'Instead of paying over the funds he held in trust for his clients, Brown purchased commercial and residential real estate including his multi-million-dollar home and luxury vehicles including a Valhalla 55 Sport Yacht, a Falcon 50 Aircraft, and a collection of cars including Ferraris, Porsches, and Rolls Royce's,' court documents read. Then, starting in 2015, Brown began to withhold over $13million in trust fund taxes, which were meant for his employees' Social Security and Medicare. He also failed to pay over $9million of employment taxes to the IRS. Brown 'willfully aided and assisted in, and procured, counseled and advised' a false tax return to the IRS reporting a tax liability of $32,245, knowing the correct liability was $219,384. Employees caught on to the scheme when they noticed that their Social Security contributions were $0, even though they were full-time and employers are required to withhold those funds. Before Brown's sentencing, one employee wrote to the court in a victim impact statement, 'One day, a colleague urged me to check my Social Security records. 'To my shock, my SSA contributions for three years were listed as $0 - despite full-time employment. 'It took months of persistence during the COVID shutdown to have this corrected. Afterward, I encouraged others to review their records, and many found the same issue.' Brown's attorney, Jeffrey Neiman, argued that his actions were a result of his father's guidance. 'Against the backdrop of his difficult upbringing and family life, Mr. Brown made the worst decision of his life to violate the law,' Neiman argued. He said that Brown was introduced to the industry by his father, who kicked him out of their house. Brown's father then asked him to move to Florida from Rhode Island to work for him. His attorney argued that his father taught him to borrow money from customers to pay past-due payroll taxes. 'Initially, Mr. Brown was taught that this was simply how business was run and that there was nothing inherently unlawful about doing so. 'By the time he took over the reins of the company from his father, however, Mr. Brown learned otherwise,' Neiman continued. 'Though we are by no means minimizing Mr. Brown's actions, it is critical to recognize that he didn't start the practice.' Brown's attorneys also disputed that he used the money to pay for his lavish lifestyle and instead used to funds for other customers' payroll taxes. However, Andrew Ascencio with the DOJ said Brown used 'fraud and deception' to procure a nine-figure net worth. There are five Florida-based companies set to receive retribution from Brown. They are all in the contracting, construction, and home improvement industries. Three companies in the heating and cooling industry, partially owned by Brown, are also set to receive retribution.
Yahoo
01-04-2025
- Automotive
- Yahoo
Maserati Launches Bespoke Program Allowing Buyers to Design Their Own Custom Sports Cars
Read the full story on Modern Car Collector Maserati is giving customers the keys to creativity with the launch of a new program that allows buyers to design their own one-of-a-kind vehicles. The Italian luxury automaker unveiled its new Officine Fuoriserie Maserati customization experience this week at its Modena headquarters. The program is designed to offer a deeply personalized design process, enabling clients to collaborate directly with Maserati's team of designers and engineers to build truly bespoke automobiles. Inspired by Maserati's coachbuilding roots, Officine Fuoriserie—Italian for 'custom workshop'—invites owners to tailor nearly every element of their vehicle, from paint finishes and interior materials to one-off details that reflect personal style or inspiration. Maserati says the program is intended to honor individuality and allow drivers to express themselves through their car like never before. 'The Officine Fuoriserie program is an invitation to enter our atelier,' said a company spokesperson. 'It's a journey where customers can go beyond traditional configurations and bring their unique vision to life.' While the standard Maserati lineup already offers high-end finishes and exclusive options, this new initiative takes customization a step further. Owners can now specify rare materials, bespoke color combinations, unique badging, and even request engineering tweaks for certain models. Although pricing for the new program hasn't been disclosed, it's expected to significantly exceed base model costs due to the high level of craftsmanship and bespoke elements involved. Production will remain limited to maintain exclusivity. Maserati joins a growing list of luxury automakers offering ultra-custom design experiences, including Ferrari's Tailor Made and Lamborghini's Ad Personam divisions. With Officine Fuoriserie, Maserati aims to compete directly in that rarefied realm, reinforcing its place among Italy's elite automotive marques. The brand says it will begin showcasing client-designed models from the program later this year. Follow us on Facebook and Twitter
