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Tories seek HMRC probe into whether Farage owed tax on £5m gift
The Conservative party chair, Kevin Hollinrake, asked HMRC to examine whether the payment could be treated as income or “disguised remuneration.”
The Conservative Party has asked the UK tax authority, HMRC, to investigate whether Nigel Farage should have paid tax on a £5 million gift he received from crypto billionaire Christopher Harborne, according to the Guardian Business.
Kevin Hollinrake, the party chair, wrote to HMRC raising questions about whether the payment was truly a personal, unconditional gift or instead connected to Farage’s political plans, including resuming leadership of Reform UK and standing for parliament.
Farage has previously said the gift was “totally undeclarable in every single way,” describing it as personal and unconditional, backed by a document saying it was given without expectation of anything in return. He has also said the money was intended for his personal security costs and as a reward for campaigning for Brexit.
The Guardian Business reported earlier this month that three sources said Farage told senior Reform UK figures he would require compensation of £1 million per year to offset lost earnings if he ran for office, which a Reform spokesperson called “fake and wholly incorrect.” Hollinrake said HMRC should examine whether the payment should be characterized as income rather than a gift, citing possible “disguised remuneration.”