Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The National (Scotland)
The National (Scotland)
National
Lucy Garcia

Nadhim Zahawi releases statement to address 'confusion about my finances'

NADHIM Zahawi has admitted he paid a tax settlement after HM Revenue & Customs disagreed with the allocation of founder shares his father took when he set up YouGov.

The Tory party chairman released a statement on Saturday to “address some of the confusion about my finances” after reports that he paid a penalty as part of a multimillion-pound tax settlement.

Zahawi said that when he set up the YouGov polling company 22 years ago, his father took founder shares.

He added: “When I was being appointed chancellor of the Exchequer, questions were being raised about my tax affairs. I discussed this with the Cabinet Office at the time.

“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.

“So that I could focus on my life as a public servant, I chose to settle the matter and pay what they said was due, which was the right thing to do.

“Additionally, 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.”

Zahawi said the matter was resolved and “all my tax affairs were up to date” when Prime Minister Rishi Sunak appointed him as party chairman.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.