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    73 Chester Square, London, British Virgin Islands

    The Mirror carries a report today (13 April 2013) that the house that Margaret Thatcher

    lived in for the past 20 years is "owned" by a company called Bakeland Property Company Ltd.

    registered in the British Virgin Islands.

    The story is a little confusing and conflates ownership with leasehold. The fact that the house

    is owned offshore was first reported by Rob Evans and David Hencke in the Guardian in 2002.

    Assuming that the leasehold interest was held by Bakeland Property Company Limited on behalf

    of the late Mrs Thatcher (who thus had a proprietorial interest in the house as opposed to simply

    being a tenant and having no connection with Bakeland), that the beneficial interest is inherited

    by her children Mark and Carol, and that, as the Mirror claims, the house is currently worth £6 million

    , then they will avoid inheritance tax at 40% (£2.4 million) as well as Stamp Duty at 7% (£420,000).

    The new Stamp Duty rate for residential properties owned by corporate bodies of 15% only

    applies to properties acquired since 21 March 2012.

    And that is one of the legacies of Mrs Thatcher's property-owning democracy.

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