STRATFORD MP Nadhim Zahawi has described any suggestion he had used an offshore company to reduce his tax liability as “wholly false”.
Mr Zahawi was responding to press reports last weekend that he had taken a loan from a firm based in the tax haven of Gibraltar to buy his constituency home at Tysoe, now said to be worth around £1 million.
Mr Zahawi told the Herald: “I paid full stamp duty on the purchase of my home in Tysoe and have always paid stamp duty on all of my property purchases.
“I have no tax or other advantages as a result of my mortgage and have no interest in the company that has provided my mortgage.
“To suggest that I have used an offshore company to reduce my tax liability, that this mortgage will reduce my liability in the future, or that I have an offshore company is wholly false.”
The latest claims about Mr Zahawi, the multi-millionaire co-founder of YouGov, the polling organisation, come on top of a media storm over his claims for energy use at the property in Tysoe, which is classed as his second home for expenses purposes.
While the furore was in full flow Mr Zahawi said he’d discovered that he’d mistakenly claimed for fuel used in the stables of the premises and would be repaying the money.
Shortly afterwards he announced that rather than wait for his energy provider to calculate the amount owed he would be repaying all the money claimed for electricity usage.
Regarding the purchase of the Tysoe property it has been made clear to the Herald that the mortgage details lodged with the Land Registry show that Mr Zahawi and his wife pay a commercial interest rate of eight per cent a year on the 20-year mortgage and the documents showing this are a matter of public record.
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