Nadhim Zahawi in a statement said the reported tax error where he had to pay an estimated £1.1 million penalty and £3.7 million in back tax was accepted by HMRC as ‘careless and not deliberate’.
has said a tax error which reportedly cost him a seven-figure sum to fix was accepted by HMRC as ‘careless and not deliberate’.
Mr Zahawi, 55, did not comment on the figures but said he chose to ‘settle the matter and pay what they said was due, which was the right thing to do’. ‘Following discussions with HMRC, they agreed that my father was entitled to founder shares in YouGov, though they disagreed about the exact allocation. They concluded that this was a “careless and not deliberate” error.
But Mr Zahawi further stated: ‘HMRC agreed with my accountants that I have never set up an offshore structure, including Balshore Investments, and that I am not the beneficiary of Balshore Investments.’YouGov’s 2009 annual report showed more than 10% of its shares were owned by a Balshore Investments.
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