Greek-Canadian Mike Lazardis, the inventor of the once-popular Blackberry mobile device, has lost a significant £1.2 million tax dispute over unpaid stamp duty.
At 63, Lazardis was once celebrated as a tech pioneer when his iconic smartphone launched in the early 2000s. Still, the device eventually fell out of favour with the rise of Apple's iPhone. Once worth around £3 billion, Lazardis now focuses on investments in quantum computing, with a more modest fortune of £460 million. He resides in Hertfordshire with his wife, Ophelia.
Lazardis's luxury estate near the affluent village of Cuffley, which he purchased for £10.75 million in February 2022, has recently become embroiled in a tax controversy. The opulent five-bedroom property boasts landscaped gardens, a heated outdoor pool, a tennis court, a lake, a coach house, and three self-contained cottages. An estate agent's brochure describes it as "an exceptional Nash-style villa set in a mature parkland estate of 106 acres."
Lazardis contended that since 40 acres of his estate were leased to an external company for hay production, he believed it qualified for a stamp duty discount. This would allow him to pay a mixed-use rate capped at 5% instead of up to 12%. However, HMRC officials ruled that the property was entirely residential.
After receiving a £1.2 million tax bill a year post-purchase, Lazardis appealed the decision. However, a tax tribunal determined that the land was not "actively and substantively exploited regularly" commercially.
Joseph Adunse, a tax partner at Moore Kingston Smith, noted that while HMRC has previously scrutinized property owners attempting to evade taxes, the tribunal's ruling in this case seems unfair given the land's significant agricultural aspect.
A government spokesperson welcomed the tribunal’s decision, emphasizing that the land was part of the property’s garden and grounds per HMRC guidance.
Lazardis is not alone in facing heavy stamp duty demands; in 2021, billionaire developers Christian and Nick Candy were hit with nearly £4 million in taxes due to a legal loophole related to a Georgian mansion in London, which they argued was "patently unfair."
From Ancient Greece to the 21st century, many notable Greeks have profoundly impacted our lives today, and Mike Lazardis is one of them.
Born on March 14, 1961, in Istanbul, Turkey, during extreme turmoil, Lazardis left for Canada with his family five years later. His ancestry traces back to the Aegean island of Chios. The Lazaridis family migrated to Canada in 1966, settling in Windsor, Ontario, with just three suitcases. Mike's father worked on the assembly line at a Chrysler factory, while his mother was a seamstress.
From a young age, Mike showed a keen interest in science, regularly visiting the Windsor Public Library. At just 12 years old, he won a prize for reading every science book in the library—a sign of the passion that would propel him into a groundbreaking career.
In the 1960s, personal communication was rudimentary, primarily reliant on wired telephones. Lazardis was fascinated by wireless technology, and during high school, he balanced his studies in Math and Physics with practical work in electronics. His interest in wireless transmission deepened through projects with his friend Doug Fregin, eventually leading them to develop a wireless data system.
In 1984, the duo launched Research In Motion (RIM) after winning a contract for a wireless display network, setting the stage for the invention of the smartphone—the BlackBerry.
RIM became known for various innovations, including the first two-way pager and the iconic BlackBerry smartphones. These devices dominated the market for corporate communication in the early 2000s. However, with the advent of touch-screen technology and competitors like Apple, RIM's dominance waned.
In addition to his work with RIM, Lazardis founded the Perimeter Institute for Theoretical Physics. They contributed significantly to the Institute for Quantum Computing, both of which have become leading centres for research in their fields.
Lazardis’s journey reflects the classic immigrant narrative: a family arriving in a new country, with hard work and determination leading to remarkable achievements. Recognized as the "father of the smartphone," he has received numerous accolades, including an honorary doctorate from the University of Waterloo, appointments to the Order of Canada, and even an Academy Award for technical achievements in the film industry.