Flipping Disgrace ; Mps Pocket Pounds 24k Expenses for Their Second Home Then Sell On at a Profit
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Summary
TOP Tory Greg Barker made a pounds 320,000 profit on a flat he bought with the help of taxpayers' cash.
The multi-millionaire pal of David Cameron is one of dozens of politicians exposed for a money-spinning ruse on their second homes that is laid bare by the leaking of MPs' expenses.See the full content of this document
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Flipping Disgrace ; Mps Pocket Pounds 24k Expenses for Their Second Home Then Sell On at a Profit
The controversial practice - which has been dubbed "flipping" - allows MPs to buy and furnish a second home using their pounds 24,222 annual housing expenses to cover stamp duty, mortgage interest payments and furnishing the property.
They can then sell it on for a profit and buy a new one... and start the whole makeover process again.Mr Barker, the Shadow Climate Change Secretary, made over pounds 320,000 in two years buying and selling a flat in Chelsea, West London.After buying the apartment for pounds 480,000 in November 2004, Mr Barker claimed pounds 15,875 for stamp duty and other purchase costs.He then claimed back a further pound...See the full content of this document
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