UK News Major City investors join queue to fund UK's Disneyland
Is buy-to-let still a good investment?
Buy-to-let investors have been hit by a series of tax raids in recent years, but property investing still attracts those who like the familiarity of bricks and mortar. There's no question that buy-to-let incurs a far bigger tax drag than in its glory years and record high house prices make raising a chunky 25 per cent deposit tough.A 3 per cent stamp duty surcharge hits those buying investment property, while they can also no longer fully offset mortgage interest payments against income tax on rent - and they face higher capital gains tax bills than other investors when they sell.
Major City firms have pledged to bankroll a £2.6billion theme park in Kent which is being dubbed 'the UK's answer to Disneyland'.
Funding documents for the London Resort near Dartford show it has lined up investors to finance the construction of the giant attraction in two phases through a mix of investment and debt.
More than £75million has already been invested by Middle Eastern businessmen led by Kuwaiti tycoon Dr Abdulla Al-Humaidi, owner of Ebbsfleet United Football Club.
The London Resort is run by chief executive PY Gerbeau, the former boss of the Millennium Dome, and chaired by Steve Norris, a former Tory MP and Transport Minister.
The EU is not a no-go zone - cash in on European stocks
Many are distrustful as a result of factors like Brexit friction and the EU's poor handling of the vaccine rollout, with its consequences for tourism and other industries. The possibility that French and German elections could bring populists to power is another concern. There are also questions about the Wirecard scandal, an affair that has exposed the deficiencies of Germany's financial watchdogs.
The developers must prove the financing is in place to win planning approval from Housing Secretary Robert Jenrick because it involves a compulsory acquisition for the 1,150-acre site on the Swanscombe Peninsula.
The City investors, who are not being named, will commit to the funding once the project is given the green light.
Big Four firm PwC drew up financial modelling for the resort and its business plan has been scrutinised by 'several global institutions on behalf of investors', according to the documents.
They add: 'The model demonstrates that the proposed development can deliver sufficient operating revenues to allow the required debt and equity to be secured.'
The resort is said to be aiming to open in 2024 and is expected to be employing 17,000 workers by 2038.
Snow White: The Prince's kiss made controversy .
Two American journalists believe that the Disney attraction dedicated to Snow White, recently modified and taking the Film Film, is problematic vis-à-vis the young woman, embraced without his consent by the prince. © Walt Disney Pictures Snow White: The Kiss of the Prince makes polemical diving in a "deadly sleep" by the witch in crunch in an apple, snow white is awakened by the kiss of a prince, who restores him the life. Today, this mythical scene is in the heart of a controversy.