Nadhim Zahawi has admitted he paid what HMRC said 'was due' after it 'disagreed about the exact allocation' of shares in YouGov - but he did not disclose the size of the settlement or whether he paid a fine.
The performance propelled him to cabinet and in September 2021, he took his first secretary of state post, back in the Department for Education.
The shares, worth an estimated £27m, were held by Balshore Investments, a company registered offshore in Gibraltar linked to Mr Zahawi's family. It is unclear what the prime minister knew about Mr Zahawi's dealings with the tax office when he appointed him to his cabinet in October.Please use Chrome browser for a more accessible video playerLast July, it was reported that HMRC was investigating Mr Zahawi's tax affairs - but a spokesperson for him at the time said he was"not aware of any formal investigation by HMRC" and insisted"his taxes are fully paid and up to date".
It is unclear when Mr Zahawi first knew about the probe by HMRC, but his allies have said he told the Cabinet Office's propriety and ethics team about the matter before his appointment. A week ago, Mr Sunak told MPs that Mr Zahawi had"already addressed the matter in full" - but Downing Street subsequently revealed the PM had not been aware that the Conservative Party chairman had paid a penalty to HMRC as part of the settlement.
"The investigation has been launched by the prime minister; that is the right thing to do. It will get to the bottom of this and then the prime minister will make his decision," he said.Labour said Mr Zahawi's admitted carelessness should see him removed from government.
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