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Robinson bought 'key land' for £5 Robinson bought 'key land' for £5
(20 minutes later)
Northern Ireland First Minister Peter Robinson, and his wife Iris, bought a valuable piece of land from a property developer for just £5.Northern Ireland First Minister Peter Robinson, and his wife Iris, bought a valuable piece of land from a property developer for just £5.
According to an investigation by the BBC's Newsline programme, the land deal enabled the Robinsons to sell part of their back garden for nearly £460,000.According to an investigation by the BBC's Newsline programme, the land deal enabled the Robinsons to sell part of their back garden for nearly £460,000.
They sold the land for £5 to a different developer, allowing the deal for their garden to go through.They sold the land for £5 to a different developer, allowing the deal for their garden to go through.
The couple could be liable for tens of thousand of pounds in taxes.The couple could be liable for tens of thousand of pounds in taxes.
The land was the vital access strip to a property development. The Robinsons made no profit on the strip of land. The Robinsons acquired the strip of land 50 metres from the boundary of their back garden at Gransha Road in Belfast from a property developer friend, the late Fred Fraser.
But if the tax authorities decide that they bought and sold the access strip knowing that the price was less than the true worth, they could be liable for tens of thousands of pounds in capital gains tax. The land was the gateway to a proposed housing scheme, covering the Robinsons' garden and others.
Earlier this year, Peter Robinson stood down for a time as NI first minister after it emerged that his wife Iris had conducted an affair with a 19-year-old. Mr Robinson approached Mr Fraser at the request of another developer who would later purchase part of their back garden for £459,000.
On the same day they sold the garden plot, Mr and Mrs Robinson sold that developer the access strip for the same £5 sum they had paid Mr Fraser 18 months earlier.
Value
A professional valuation carried out for the BBC put the strip's value at upwards of £75,000 when the Robinsons obtained it, and at least £220,000 when they sold it.
Although they made no profit, tax experts say Customs and Revenue could use market values on the sale instead of the £5 they bought it and sold it for.
This potentially exposes the Robinsons to a tax bill of thousands of pounds.
The BBC twice asked Mr Robinson if they declared or paid any taxes, but he has not responded.
Mr Robinson should also have declared the land on his Commons register, but did not, and has not explained why.
He also has refused to say why he did not declare a potential conflict of interest when the planning application for the scheme went before Castlereagh Borough Council for consideration.
BBC Newsline, 1830 BST, BBC1 Northern Ireland.BBC Newsline, 1830 BST, BBC1 Northern Ireland.