Inland Revenue experts are investigating the tax affairs of the new Chancellor and Tory candidate for the Tory leadership Nadhim Zahawi, as per an investigation conducted by The Independent.
According to an article in the paper, The National Crime Agency launched an investigation into the finances of Zahawi in 2020.
It appears that HMRC has taken over the investigation. HMRC is under the direction of the Treasury, the department Mr Zahawi currently runs. An official Whitehall source has told the Independent they believe the tax probe is “unresolved”.
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Boris Johnson was aware of the probes when he named Mr Zahawi his Chancellor.
Following the publication of the most recent revelations, the spokeswoman for Mr Zahawi stated: “All Mr Zahawi’s financial interests have been fully and openly disclosed. Zahawi has not been aware of any investigation being conducted by HMRC. Taxes are paid in full and current. He will be able to provide all details to any questions HMRC can ask about his tax issues.”
Mr Zahawi, 55-year-old Zahawi made his fortune in the polling and oil company YouGov. He’s estimated to be worth over PS100million.
Zahawi will offer tax cuts and “the best education possible” as Tory leader.
Nadhim Zahawi has announced his Tory campaign for leadership, based on lower taxes and a “great educational opportunity” for all. He also promises the party will “steady this boat” to “stabilise our economy”.
The newly-appointed Chancellor suggested Britons have to be reliant “to do the best for them” and warned that the country has lost its feeling of “boundless potential and optimism”, which could be tracked back to Margaret Thatcher’s time.
On Saturday, an ex-education secretary was the third Government minister to launch their campaign for the top position following the announcement of Transport Secretary Grant Shapps and Attorney General Suella Braverman declaring their intention to be candidates.
He was raised in Iraq in a Kurdish family. The young Mr Zahawi was brought to the UK at nine after his parents fled the government under Saddam Hussein.
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Considered among the most potent lawmakers within the House of Commons, he founded the polling firm YouGov after completing his chemical engineering degree at University College London.
He has frequently stated that his personal background has profoundly shaped his views of Britain and recently talked about his debt to poet Philip Larkin as he improved his English as a teen.
In launching his presidential bid in the campaign, he praised the schooling he received in Britain, in which he was raised with the belief that “nothing could be impossible”.
The tax investigation ends a rocky week for Zahawi.
It has been discovered that the Chancellor’s office is subject to scrutiny by the department he started running just a few days ago.
Nadhim Zahawi’s tax problems are under investigation by HMRC. Independent research has been disclosed.
The Chancellor, appointed recently, will have an “unresolved” case open to tax authorities, a senior Whitehall source has revealed following an investigation by the National Crime Agency (NCA) began a study in 2020.
Officials of officers from the Serious Fraud Office (SFO) have also examined the finances of the Chancellor.
The investigation was later handed over to HMRC, under the supervision of the Treasury Department, where Mr Zahawi currently runs.
It was also discovered that Boris Johnson, home secretary Priti Patel, and The Cabinet Office were all informed of the probes and knew about them before Zahawi was named as Chancellor last week.
On Twitter, James Felton said the announcement caps off a turbulent week for the new guy in the 11th spot.
On Thursday, following his appointment as named Chancellor just a day after the election, he urged his boss Boris Johnson to resign as the prime minister.
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