MEET THE EXPERTS

A dedicated team of AGN members work together to deliver excellent service to clients and provide the best advice to companies operating on the Property & Construction sector.
Edmund Heaslip
Leader - Property & Construction Group
Ted.Heaslip@mtg-consulting.de
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Sector: PROPERTY & CONSTRUCTION

Global investment in commercial property is at its highest levels since the global financial crisis, but the sector is facing huge pressures. For example there is research indicating demand for 50,000 more construction managers in Australia, over the next five years and in the UK some 20% of the construction workforce is due to retire in the next 5 to 10 years. However, in general terms at least the property boom continues in Europe and North America, while in there is a relative slowdown in Asia and the Middle East.  

AGN member firms help clients deal with these challenges, everyday, all over the world. They service a vast array of businesses in the property & constriction sector including;

  • Lenders and intermediaries
  • Property developers and investors
  • Construction companies – often family businesses
  • Architects practices and civil engineering consultancies
  • Homebuilders
  • Specialist equipment and plant suppliers
  • Materials handlers and suppliers
  • Real estate investment trust, operating companies and facilities management businesses
  • Domestic and commercial real estate agents
  • Professional services suppliers

The sector spans global commercial property developers, the big construction contractors and the huge capital investment funds. Critically these businesses support many more subsidiary or supply chain businesses that form part of the property & construction sector - and it's these SME and family businesses that AGN member firms specialize in servicing.

The challenges that these businesses are facing include shortages of land and skilled resources, rising raw material costs, fluctuations in domestic and international property demand, the introduction of new technology and the need to comply with increasingly complex environmental regulations.

AGN members deploy a range of professional services to assist:

  • Legal services, including dispute/claims resolution, litigation and arbitration, employment, contracts, compliance, leases, company setup, legislative and regulatory issues, expert reports, consequential damage and loss of profits reporting, testimony, fraud
  • consultancy Acquisitions, development, joint ventures, sales and other transactions
  • International tax services, including planning, VAT, transactions, compliance and appeals
  • Financing advice, analysis and security
  • Introduction and integration of project management information systems, critical performance measures
  • Capital budgeting/allocation, cost reduction, cash-flow analysis, internal financial reporting, portfolio monitoring and reporting, investment evaluation and prioritization
 
 

Case Studies

Property & Construction - Switzerland

Property - Building and Selling of High Standard vacation apartments in Ticino with lake view

April 2017

Our client is a local group of four entrepreneurs, one of them a foreign resident, active in the construction and real estate business.


See how we added value


Property & Construction - Switzerland

Property - Participation in a consortium of an important Swiss railway project

April 2017

Our client is a worldwide construction group based in the European Union, active in special construction projects. The client has participated for almost ten years in a consortium to build a 54 km railway tunnel in Switzerland crossing the Alps, and needed to establish a Swiss branch and employ hundreds of foreign workers on a rollover basis. .


See how we added value


Property & Construction - Germany

Real Estate – Private equity real estate investment

February 2017

Our client is a private equity real estate investment, asset management and development group based in and focused on Munich, the third largest European office market after London and Paris, and the Munich metro region with a population of 6 million.


See how we added value


Property & Construction - Czech Republic

Property - Acquisition of non-residential premises in Prague

March 2017

Our client is a successful budget design hotel brand with more than 50 hotels in Europe, and decided to open a luxury hotel also in Prague. For this, they needed advise on the negotiation and transaction progress, we could help them to successfully acquire the premises as they desired.


See how we added value


Technical Updates

TAX - Poland

VAT classification of real estate transactions 

April 2017

The Polish tax authorities appear to be changing their approach to the VAT classification of real estate transactions trying to deny refunds of VAT charged on the sale of leased commercial real estate (such as retail parks or office buildings) 

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TAX - Italy

Flat Tax for high-net-worth individuals 

March 2017

New favorable optional tax regime for “high-net-worth individuals” transferring their tax residence to Italy (“Non-Dom Regime”) and its impact on real estate located outside Italy  

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TAX - United Kingdom

Stamp Duty Avoidance Ruling 

February 2017

HMRC has challenged and defeated another tax avoidance scheme it deemed as artificial and complex. 

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TAX - United Kingdom

UK Business Premises Renovation Allowance (BPRA)

February 2017

BPRA is a useful relief in the UK for developers, also overseas developers, in projects in disadvantaged areas, but the relief is due to cease at the end of March 2017, so developers should plan their cash flow on such projects now with urgency.

What is BPRA:  BPRA was introduced in April 2007. It is a 100% tax allowance for certain spending for businesses converting or renovating unused qualifying business premises in a disadvantaged area.

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BREXIT - United Kingdom

UK Brexit affecting the UK property and construction sector 

September 2016

The property sector had been awash with caution and hesitancy. International investors require stability and some inward investment has been delayed until it becomes more certain whether and when the UK decides to leave the EU and what trading model it will adopt. On the other hand, the post-referendum fall in Sterling has made UK property much more attractive in foreign currency terms. 

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TAX - Poland

TAX AND OTHER CHANGES 2016

August 2016

There have been some sweeping changes in tax legislation in Poland which have come into effect in 2016. Click on the link below to find the main changes that affect - among others - the property & construction sector.

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TAX - United Kingdom

Offshore owners of UK property may be subject to UK tax

July 2016

Legislation has been introduced, effective from July, to bring within the scope of UK taxation  profits or gains from the disposal of UK land or buildings made by those based offshore. It is aimed primarily at developers and speculators. Historically some offshore developers have been able to avoid UK taxation on UK property developments by relying on tax planning involving offshore jurisdictions and ensuring that no taxable UK presence was created.

 

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TAX - United Kingdom

UK Budget 2016 changes affecting the property and construction sector

April 2016

Lower business rates: from April 2017, rate payers that occupy a single property with a rateable value of £12,000 or less will pay no business rates. Currently, this 100% relief is available for a business that occupies a property (e.g. a shop or office) with a value of £6,000 or less. There will be a tapered rate of relief on properties worth up to £15,000. This means that 600,000 businesses will pay no rates.

 

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VAT - Italy

TREATMENT OF CONSTRUCTION CONTRACTS VS. SALE OF GOODS TO BE INSTALLED

March 2016

Article 17, paragraph 6, point a) of Presidential Decree 633/1972, provides for the application of the VAT reverse charge mechanism for the supply of services made in the construction sector by subcontractors contracted by companies that carry out construction or restructuring of real estate property, or by general contractors or other subcontractors.

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