MP urges Treasury to close house sale tax loophole
Labour MP Phil Brickell has written to the financial secretary to the Treasury to address a tax loophole uncovered by London Centric.
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A tax loophole that could allow buyers to avoid substantial tax bills on high-value property transactions has prompted action from a Labour MP. Phil Brickell, MP for East Barnet, has written to James Murray, the financial secretary to the Treasury, urging ministers to close the loophole. The issue was brought to light by an investigation from London Centric.
The 'six properties can be cheaper than one' loophole
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The loophole, described by London Centric as 'six properties can be cheaper than one', reportedly allows for multiple properties to be sold as a single unit, thereby reducing the overall tax liability. This could have significant implications for future tax revenues on high-end property sales across London. Mr Brickell's letter warns that if left unaddressed, the loophole could encourage artificial behaviour in the property market and lead to substantial losses for the government.
Other politicians have also voiced concerns. Margaret Hodge, speaking to the Financial Times, stated that "greedy rich people will constantly find new loopholes to avoid paying their fair share of tax." She expressed hope that Treasury officials would act swiftly to close the identified loophole.
Manufacturing in South London
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Separately, London Centric reported on Isembard, a start-up manufacturing specialist parts in a building off the Old Kent Road in south London. The company, founded two years ago, produces components for various sectors, including the arms trade, robotics, and nuclear energy. Alexander Fitzgerald, founder of Isembard, told London Centric that manufacturing is fundamental to national prosperity and security. He stated that the company serves clients in defence, but also in other sectors, and expressed pride in contributing to defence capabilities. The factory's location in Zone 2 presents logistical challenges, such as restrictions on moving heavy equipment into central London, requiring deliveries to occur between midnight and 5am.
Lime e-bike numbers
In other news, Lime's latest financial records indicate that approximately 38,000 of its e-bikes and scooters were in operation across the UK in 2025. The company reported that 676,000 individuals used a Lime service at least once a month, a third more than the previous year. While these figures cover the entire UK, the majority of Lime's users are based in London. The company's financial data suggests each bike generates an average of £10.71 per day, contributing to a collective annual customer spend of £148 million. Lime's strategy of increasing its fleet is aimed at improving availability and reliability, thereby encouraging greater customer usage.
Questions this report answers
+What tax loophole has been highlighted?
London Centric has reported on a loophole that allows multiple properties to be sold as a single transaction. This method can significantly reduce the tax liability for buyers of high-value properties, potentially saving millions of pounds.
+What action is being taken regarding the tax loophole?
Labour MP Phil Brickell has written to the financial secretary to the Treasury, James Murray, urging him to address the loophole. He has asked ministers to consider closing it before the next budget to prevent potential losses in tax revenue.
+What kind of parts does Isembard manufacture?
Isembard is a start-up that manufactures specialist parts to order. Their clients include companies in the arms trade, robotics, and nuclear energy sectors. The company focuses on carving metal into specific shapes quickly, at low cost, and to a high standard.
+How many Lime e-bikes are operating in the UK?
According to Lime's latest financial records, there were typically 38,000 working Lime e-bikes and scooters on the roads in the UK during 2025. The majority of Lime's British customers are located in London.
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