Rishi Sunak pledges HMRC probe as leaked files reveal finances of global elite
Rishi Sunak has said HM Revenue and Customs (HMRC) will probe the information revealed by so-called “Pandora papers” reports after a huge trove of leaked documents laid bare the financial arrangements of the world’s super-rich and political elite.
The papers describe the investments and other financial dealings of hundreds of politicians, celebrities, business leaders and even drug dealers who have used tax avoidance, property deals or other schemes to hide their vast wealth.
The leaked information is contained in some 11.9 million documents from 14 financial services companies around the world.
Mr Sunak, himself a wealthy former banker, told Sky News on Monday he had never benefited from any offshore schemes of the kind described by some of the leaks.
The chancellor added: “I’ve seen these things overnight as well and it’s always tough for me to comment on them specifically given they’ve only just emerged, and of course HMRC will look through those to see if there’s anything we can learn.”
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Tax avoidance a global problem, Sunak insists
09:14 , Jon Sharman
Rishi Sunak has said wealthy people avoiding tax is a global problem, after he was asked whether he was ashamed that London is a haven for those looking to get out of paying their fair share.
He told BBC Radio 4’s Today programme: “I don’t think it’s a source of shame because actually our track record on this is very strong.
“As you’ve seen from the [Pandora] papers, it’s a global problem, there’s a global dimension to it and we need other countries to co-operate with us to tackle this, but we’re determined to do that.”
Blairs avoided paying £312,000 in tax on London property by acquiring offshore firm
08:53 , Jon Sharman
Tony and Cherie Blair avoided paying £312,000 in tax on the purchase of a London property by acquiring an offshore company, according to a trove of leaked documents, writes Daniel Keane.
The former British prime minister and his wife bought the £6.45m townhouse on Harcourt Street, Marylebone, in 2017 as an office for her legal advisory firm Omnia and her foundation for women.
The manner of the deal allowed the Blairs to avoid having to pay stamp duty, as the tax is not paid when the holding company of a property is acquired rather than the building directly. There is no suggestion the Blairs actively tried to avoid paying the tax and the transaction was not illegal.
Tony and Cherie Blairs ‘avoided paying £312,000 tax by acquiring offshore firm’
Story in full: What is the ‘Pandora papers’ leak?
08:34 , Jon Sharman
The secret offshore wealth of more than 300 world leaders, politicians and influential figures in the business world has been revealed in one of the largest ever leaks of financial data, writes Daniel Keane.
The Pandora Papers investigation, which involved a consortium of some 600 journalists from a variety of global media outlets, is based on the leak of some 11.9 million documents from 14 financial services companies around the globe.
Some 35 world leaders and more than 100 billionaires are implicated in the leaked documents. Among those named in the files are Tony Blair, associates of Russian president Vladimir Putin, King Abdullah of Jordan, and Czech prime minister Andrej Babis.
Pandora Papers: Huge trove of leaked documents reveal offshore wealth of global elite
Rishi Sunak promises HMRC investigation of leaked data
08:33 , Jon Sharman
HM Revenue and Customs (HMRC) will probe the information leaked in the so-called “Pandora papers”, Rishi Sunak has said.
The chancellor, himself a wealthy former banker, told Sky News on Monday he had never benefited from any offshore schemes of the kind described by some of the leaks.
He added: “I’ve seen these things overnight as well and it’s always tough for me to comment on them specifically given they’ve only just emerged, and of course HMRC will look through those to see if there’s anything we can learn.”
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