The Sun newspaper has reported (14 January) that ‘former chancellor Nadhim Zahawi agrees to pay several million in tax after scrutiny of his family’s financial affairs’. The paper noted that the settlement ‘comes after questions were asked over whether the Zahawi avoided tax by using an offshore company to hold shares in YouGov, the polling company he co-founded.’
Dan Neidle of Tax Policy Associates commented: ‘On the face of it, this confirms my investigation in July that concluded Zahawi had avoided around £4m in tax by arranging for his founder shares in YouGov to be held by a subsidiary of his father’s offshore trust.’
‘That is, however, just speculation,’ Neidle said. ‘The payment could relate to some other matter.’ However, Neidle also observed that The Independent since reported (16 January) that Zahawi’s spokespeople do not appear to be denying the story, just repeating that his taxes being properly declared and paid. ‘That rather begs the question of whether they’re only properly declared and paid because he approached HMRC to disclose a previous under-payment of tax)’, he added.
The Sun newspaper has reported (14 January) that ‘former chancellor Nadhim Zahawi agrees to pay several million in tax after scrutiny of his family’s financial affairs’. The paper noted that the settlement ‘comes after questions were asked over whether the Zahawi avoided tax by using an offshore company to hold shares in YouGov, the polling company he co-founded.’
Dan Neidle of Tax Policy Associates commented: ‘On the face of it, this confirms my investigation in July that concluded Zahawi had avoided around £4m in tax by arranging for his founder shares in YouGov to be held by a subsidiary of his father’s offshore trust.’
‘That is, however, just speculation,’ Neidle said. ‘The payment could relate to some other matter.’ However, Neidle also observed that The Independent since reported (16 January) that Zahawi’s spokespeople do not appear to be denying the story, just repeating that his taxes being properly declared and paid. ‘That rather begs the question of whether they’re only properly declared and paid because he approached HMRC to disclose a previous under-payment of tax)’, he added.
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