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Conservative Party Chairman and former British Chancellor Nadim Al-Zahawi She reportedly paid a seven-figure fine for unpaid taxes as part of a multimillion-dollar settlement with HM Revenue and Customs.
GBC reports that the company at the center of the controversy is Gibraltar Register Family Trust, Balshore Investments, which owns shares in YouGov, the polling firm Al-Zahawi founded before entering politics. When asked earlier about the matter, he denied knowledge of any official investigation by the Human Resources Department, describing the reports as “defamation”. He insisted that he had always declared his financial interests and paid his taxes in the United Kingdom.
However, according to The Guardian, Al-Zahwi has already paid capital gains tax as a result of sell stocks on YouGov, With An additional 30% fine, totaling £4.8m.
Speaking on Saturday night, Al-Zahawi said that “HMRC has accepted that their mistake was careless, unintentional and linked to the founder’s YouGov actions taken by his father. It also denies setting up Balshore Investments and says it was not a beneficiary of its investments.”
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