Thu, 30 Jan 2025

Abramovich tax dodge must be probed, HMRC urged

A group of MPs is urging an investigation into £1bn that could be owed by Russian oligarch Roman Abramovich.

* A group of MPs, led by Labour's Joe Powell, has urged HMRC to investigate Roman Abramovich over a potential £1bn tax liability.
* The MPs' letter refers to BBC reports that raise questions about whether taxes are due on offshore investments worth $6bn (£4.7bn) made through companies in the British Virgin Islands.
* Evidence suggests that the investments were managed from the UK, rather than the BVI, which would mean they should have been taxed there.
* The MPs' letter calls for HMRC to investigate and reclaim any funds potentially owed by Abramovich to the UK tax authorities.
* A spokesperson for HMRC said it is committed to ensuring everyone pays the right tax under the law, regardless of wealth or status.
* Abramovich's lawyers claim he obtained independent expert professional tax and legal advice and acted in accordance with that advice.
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