Rocky start for UK Chancellor after Gibraltar revelations

THE newly appointed Chancellor of the Exchequer Nadhim Zahawi is facing calls to fully publish his tax returns after revelations resurface over his use of a Gibraltar offshore fund.

Zahawi has financial ties to two investment firms – Balshore Investments and Berkford Investments, both of which operate from offices on the Rock. 

However, the member for Stratford-on-Avon never declared this on the MPs’ register of interests.

Balshore Investments holds £20 million of shares in national polling firm YouGov, which Zahawi founded in 2000.

Zahawi announced last week that he would review UK tax policies entirely. 

Nadhim
The new chancellor has pledged a tax overhaul.
Photo: Wikipedia.

“I will look at everything. There’s nothing off the table,” he said.

According to the Observer, prior to Boris Johnson appointing him chancellor, concerns were raised about his personal finances by HMRC, with the PM nevertheless pushing the appointment through.

Zahawi described these allegations as ‘a smear’. 

The Iraqi born MP is purported to be one of the richest MPs in parliament.

A government spokesperson said about the revelations: “Since first becoming a minister, the chancellor has declared relevant interests and complied with all requirements set out in the ministerial code.”

In 2013, he claimed £5,822.27 to cover electricity and heating costs for his estate in Warwickshire, which included heating his private stables.

After the press caught wind, he pledged to pay it all back.

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