Rishi Sunak is facing calls to explain what he knew about the former UK chancellor’s tax affairs. We explain what the story is about
On Saturday, he took a different approach,that he said he was making to “address some of the confusion about my finances”. He reiterated that his father “took founder shares in the business in exchange for some capital and his invaluable guidance” and said that HMRC had accepted he was entitled to do so – but that “they disagreed about the exact allocation”. Because of this “careless and not deliberate” error, he said he paid what was due “so that I could focus on my life as a public servant”.
He also said that he resolved the matter between being appointed as Chancellor and moving to be party chair. That implies that he reached a settlement with HMRC while chancellor – and overnight on Monday,What does ‘careless’ mean? One important point arising from Zahawi’s statement that unpaid tax on a benefit apparently worth more than £20m was viewed by HMRC as “careless and not deliberate” is what exactly that phrase means.told the BBC
that the meaning in tax law is more complicated, and may be a designation settled on by HMRC if it concludes it cannot prove deliberate tax evasion. “‘Careless’ has a very specific meaning,” he said. “‘Careless’ means that you weren’t just wrong, you’re allowed to get your tax wrong … it works like this: You or I, as long as we instruct a proper adviser, we give that adviser the right information, we follow that adviser’s advice, and we check that final tax return to the best that we’re able to, so long as we do that, even if it was completely wrong … we won’t pay penalties. To pay a 30% penalty, you didn’t do one or more of those things.
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