• Latest
  • Trending
  • All

Roman Abramovich tax dodge must be probed, HMRC urged

January 31, 2025

Derry Féile: Carnival parade brings community festival to a close

August 15, 2026

Under strain, Australia’s world-leading disability support faces major restructure

August 15, 2026

Eleven killed in Israeli strikes on southern Lebanon, authorities say

August 15, 2026

Michaely Bihina: The Cameroon goalkeeper making waves at Wafcon 2026

August 15, 2026

Family stranded at sea for 16 hours after jet ski capsized in Thailand

August 15, 2026

Dozens injured and thousands evacuated in Croatia wildfire

August 15, 2026

Teens who fled Venezuela after deadly quakes caught in another disaster in Colombia

August 15, 2026

Activists deliver aid to Palestinians in homes besieged by Israeli settlers

August 15, 2026

Canadians are still boycotting US travel. Here’s where they’re going instead

August 15, 2026

Why is Selena Gomez being sued?

August 15, 2026

Powerful 7.7-magnitude earthquake kills at least 38 in Indonesia

August 15, 2026

Ice cream: How the big firms innovate to stay ahead

August 15, 2026
News
  • Login
  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More
Saturday, August 15, 2026
No Result
View All Result

NEWS

3 °c
London
8 ° Wed
9 ° Thu
11 ° Fri
13 ° Sat
  • Home
  • Video
  • World
    • All
    • Africa
    • Asia
    • Australia
    • Europe
    • Latin America
    • Middle East
    • US & Canada

    Under strain, Australia’s world-leading disability support faces major restructure

    Eleven killed in Israeli strikes on southern Lebanon, authorities say

    Michaely Bihina: The Cameroon goalkeeper making waves at Wafcon 2026

    Family stranded at sea for 16 hours after jet ski capsized in Thailand

    Dozens injured and thousands evacuated in Croatia wildfire

    Teens who fled Venezuela after deadly quakes caught in another disaster in Colombia

    Activists deliver aid to Palestinians in homes besieged by Israeli settlers

    Canadians are still boycotting US travel. Here’s where they’re going instead

    Australia v Bangladesh: Steve Smith benefits from reprieve but tourists dominate day one of first Test

  • UK
    • All
    • England
    • N. Ireland
    • Politics
    • Scotland
    • Wales

    Derry Féile: Carnival parade brings community festival to a close

    Temporary disposable barbecue ban over wildfire risk

    European Athletics Championships 2026: Keely Hodgkinson takes 800m silver behind Swiss rival Audrey Werro

    Killer who will not say where wife's body is to stay in prison

    Arrests and road closed over suspected abduction in East Lothian

    Tân mawr ger Llanymddyfri yn gorfodi nifer o bobl i adael eu tai

    Ardoyne: Police defend response to north Belfast incidents

    'Welcome to one of the most bizarre by-elections in recent history'

    European Athletics Championships 2026: Amy Hunt wins 200m gold as Dina Asher-Smith claims bronze

  • Business
    • All
    • Companies
    • Connected World
    • Economy
    • Entrepreneurship
    • Global Trade
    • Technology of Business

    Ice cream: How the big firms innovate to stay ahead

    Electric vehicle sales targets could be cut after pressure from car makers

    Business Daily – Taking Stock: The cost of heatwaves

    US says dozens of countries helped China dodge Trump’s tariffs

    RBSI announces around 50 job cuts in Jersey

    UK economy grows but experts warn of challenging months ahead

    Twitch users can now block Amazon from using their content to train AI

    Burnham warned Iran war could hit UK growth next year

    First wave of ‘pounds for pylons’ energy discount sites revealed

  • Tech
  • Entertainment & Arts

    Meghan hits red carpet at Power of Women in Hollywood

    Margot Robbie unable to speak at Saltburn premiere

    Barbra Streisand: Siri can now pronounce my name

    Wes Anderson’s The Grand Budapest Hotel inspires cinema’s look

    Taylor Swift/ Travis Kelce romance reaches White House

    The Killers booed at Georgia concert after inviting Russian fan on stage

    Watch: Memorable moments from Parkinson's star-studded show

    Tom Jones: Neighbour surprised to find singer in flat below

    Black Country Folk Festival showcases local musicians

    Watch: Australians set new world record with Tina Turner dance

  • Science
  • Health
  • In Pictures
  • Reality Check
  • Have your say
  • More
    • Newsbeat
    • Long Reads

NEWS

No Result
View All Result
Home Business Companies

Roman Abramovich tax dodge must be probed, HMRC urged

January 31, 2025
in Companies
5 min read
251 2
0
492
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Getty Images A close of up a bearded Roman Abramovich in a blue suit and white shirt looking to his rightGetty Images

Sanctioned Russian oligarch Roman Abramovich must be investigated over the £1bn he could owe, a group of MPs has urged HMRC.

In a letter to the tax authority, Joe Powell, a Labour MP who leads a Parliamentary group on fair taxation, refers to BBC reports raising questions about whether tax is due on offshore investments.

“Proper investigation of these matters is essential,” the letter said. HMRC said it was “committed to ensuring everyone pays the right tax under the law, regardless of wealth or status”.

Mr Abramovich’s lawyers have told the BBC he “always obtained independent expert professional tax and legal advice” and “acted in accordance with that advice”.

Leaked papers reveal investments from Mr Abramovich worth $6bn (£4.7bn) were routed through companies in the British Virgin Islands (BVI), but evidence seen by the BBC suggests they were managed from the UK, so should have been taxed there.

The BBC and the Bureau of Investigative Journalism have been examining the papers for over a year – thousands of files and emails from a Cyprus-based company that administered Mr Abramovich’s global empire.

The BBC and its media partners, including The Guardian, have been reporting on the leaked files since 2023 as part of the International Consortium of Investigative Journalists’ Cyprus Confidential investigation.

Some of the money that funded Chelsea FC when Mr Abramovich owned it can be traced back to companies involved in the scheme, the BBC and its partners also found.

Mr Powell’s letter said these findings raise “serious questions about Mr Abramovich’s potential tax liabilities”

It called on HMRC “to investigate and, if appropriate, to reclaim any funds potentially owed by Roman Abramovich to the UK tax authorities” in reference to the findings from the BBC, TBIJ, and The Guardian.

“Given the scale of the sums involved, ensuring that any unpaid taxes are recovered is a matter of public interest—particularly at a time when funds are urgently needed for public services and to manage the national debt,” the letter added.

A HMRC spokesperson said it was “continuing to lead international efforts to improve global transparency”.

‘Broadest possible powers’

It is not unusual for businesses to legally avoid paying tax on their profits by making their investments from companies in tax havens. But the companies involved must be managed and controlled offshore where they are incorporated.

If an offshore company’s strategic decisions are being taken by someone in the UK, its profits could be taxed as if it were a UK company.

The leaked documents seen by the BBC show how the directors of the BVI investment companies handed sweeping powers over them to a friend of Mr Abramovich, Eugene Shvidler, who was living in the UK and gained British citizenship in 2010.

The BBC has seen “general power of attorney” documents dated between 2004 and 2008, that gave him the “broadest possible powers” and “full power to do everything and anything” to investment companies in the BVI.

Lawyers for Mr Shvidler said the BBC was basing its reporting on “confidential business documents that present an incomplete picture” and had “drawn strong and erroneous conclusions as to Mr Shvidler’s conduct”.

They said “the structure of investments” was “the subject of very careful and detailed tax planning, undertaken and advised on by leading tax advisors”.

Cyprus Confidential is international collaborative investigation launched in 2023 led by the International Consortium of Investigative Journalists (ICIJ) into Cyprus firms provided corporate and financial services to associates of Russian President Vladimir Putin’s regime, based on documents from a corporate service provider originally obtained by the whistleblowing group Distributed Denial of Secrets.

Media partners include The Guardian, the investigative newsroom Paper Trail Media, the Italian newspaper L’Espresso, the Organised Crime and Corruption Reporting Project (OCCRP) and the Bureau of Investigative Journalism (TBIJ).

TBIJ reporting team: Simon Lock and Eleanor Rose.



Source link

Tags: AbramovichdodgeHMRCprobedRomantaxurged

Related Posts

Electric vehicle sales targets could be cut after pressure from car makers

August 14, 2026
0

The UK's electric vehicle (EV) sales target could be cut after the government launched a review following pressure from...

RBSI announces around 50 job cuts in Jersey

August 13, 2026
0

Officials at the Royal Bank of Scotland International (RBSI) have confirmed around 50 people across Guernsey, Jersey, Isle of...

Raw images, no filters: Why MySpace fans want it back as relaunch hinted

August 9, 2026
0

MySpace launched in 2003 and quickly became a cultural hub, helping artists like Arctic Monkeys, Adele, and Nicki Minaj...

  • Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

    677 shares
    Share 271 Tweet 169
  • Belgian footballer arrested in cocaine investigation

    533 shares
    Share 213 Tweet 133
  • Next to raise prices to help pay for rising wage costs

    532 shares
    Share 213 Tweet 133
  • South Wales Police officers injured, one arrested

    525 shares
    Share 210 Tweet 131
  • Charities to get £15m fund to save surplus farm food

    516 shares
    Share 206 Tweet 129
  • Trending
  • Comments
  • Latest

Lee McGregor: Scot seeks world title in 2025 & Nathaniel Collins bout

January 16, 2025

Belgian footballer arrested in cocaine investigation

January 27, 2025

Next to raise prices to help pay for rising wage costs

January 7, 2025

World Cup 2022: TikTok brings football fever to millions of fans

0

UK economy will get worse before it gets better, warns chancellor

0

One of Central America’s most active volcanoes erupts again

0

Derry Féile: Carnival parade brings community festival to a close

August 15, 2026

Under strain, Australia’s world-leading disability support faces major restructure

August 15, 2026

Eleven killed in Israeli strikes on southern Lebanon, authorities say

August 15, 2026

Categories

N. Ireland

Derry Féile: Carnival parade brings community festival to a close

August 15, 2026
0

A festival celebrating local communities in Londonderry will come to a close later with a carnival parade in the...

Read more

Under strain, Australia’s world-leading disability support faces major restructure

August 15, 2026
News

© 2023 GODJ - NEWS CORP - news.godj.com.

Explore NEWS.GODJ.COM

  • Home
  • News
  • Sports
  • Worklife
  • Travel
  • Reel
  • Future
  • More

Follow Us

  • Home Main
  • Video
  • World
  • Top News
  • Business
  • Sport
  • Tech
  • UK
  • In Pictures
  • Health
  • Reality Check
  • Science
  • Entertainment & Arts
  • Login

© 2023 GODJ - NEWS CORP - news.godj.com.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.