Nadhim Zahawi is under growing pressure after admitting he paid HMRC a settlement due to a “careless” tax error related to his shareholding in YouGov, the polling company he founded 🔎 Read ChaplainChloe's analysis:
Nadhim Zahawi, is under growing pressure after admitting he paid HMRC a settlement due to a “careless” tax errorIn what was no doubt an attempt to contain mounting scrutiny over his private tax affairs, Mr Zahawi released a statement on Saturday that said he had paid a multimillion-pound tax bill relating to shares he had in the polling company.
The MP said he wanted to “address some of the confusion about my finances” and that HMRC had accepted his error was “careless and not deliberate”.How much was the settlement? Experts have estimated that the tax due would be around £3.7 million, based on the capital gains tax incurred by the sale of multiple tranches of shares in YouGov. A 30 per cent penalty would bring the total due to almost £5 million.
In his statement, he seemed to suggest he had discussed questions about his tax affairs with the Cabinet Office when he became Chancellor, buthe had paid his taxes in full and that he was not aware of an investigation taking place.
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