Russian hedge fund manager loses £500k SDLT battle

A London building was bought for £5.75m in 2021 by Andrei Tretyakov which he contended was not fully residential at the time of purchase, despite having a wine cellar and sauna in the commercial area

The so-called Bacon Factory in Kennington was bought by Tretyakov in June 2021 for £5.75m. Tretyakov paid just £277,000 in stamp duty land tax (SDLT), using mixed dwellings relief to reduce this from £761,250.

HMRC chased Tretyakov for the remaining £484,250, which Tretyakov appealed at the First Tier Tribunal (FTT), attempting to prove that the building was not entirely residential.

Tretyakov is the founder of Blue Wire Capital, a hedge fund firm based at the address of the Bacon Factory.

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