Zahawi: I’m sorry for not being more explicit over tax settlement declaration
The outgoing MP for Stratford-on-Avon said the total payment he made to HMRC was ‘just shy of £5 million’.
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Former chancellor Nadhim Zahawi has said he is “sorry” for not being “more explicit” in the ministerial declaration over his tax settlement, as he prepares to stand down from Parliament.
The outgoing MP for Stratford-on-Avon said the total payment he made to HMRC was “just shy of £5 million”.
Mr Zahawi added that he did not regret accusing journalists of smearing him when reports first emerged of the investigation into his tax affairs by HMRC.
In 2023, Rishi Sunak sacked Mr Zahawi as Tory Party chairman after an ethics inquiry found he had broken the Ministerial Code several times over his tax affairs.
The former education secretary told the BBC’s Sunday With Laura Kuenssberg programme: “As I said in my retirement letter, my mistakes are my own.
“I’m sorry that when I had my settlement with HMRC two years ago, I should have probably been more explicit in the details in the ministerial declaration as to how the settlement was arrived at, and that’s my own mistake.”
Mr Zahawi, who served as chancellor for two months between July and September 2022, added: “HMRC found that it was non-deliberate, it was a careless mistake.
“They also accepted that I was not the beneficiary of an offshore structure or an offshore trust.
“But before the apportionment of shares in YouGov when it was first launched, I should have had more of the shares in my name, and as it’s been reported, the total payment was just shy of £5 million.”
The heart said keep going and the head said it’s time to let a younger, more energetic person fight a pretty vital election for my party
Asked whether he regretted his comments accusing journalists of smearing him in their reporting, Mr Zahawi said: “No, because the smears were so wide – things like the National Crime Agency, which I’ve never ever had any dealings with or any investigations from.”
The outgoing MP said it was a “really tough choice” to stand down from Parliament at the next election.
Mr Zahawi said: “The heart said keep going and the head said it’s time to let a younger, more energetic person fight a pretty vital election for my party.
“It’s a wonderful seat – best seat in Parliament – and I think it’s deserving of a young, energetic Conservative – the list will be as long as my arm.”
Mr Zahawi revealed he was standing down from Parliament on Thursday in a resignation letter posted to X, formerly Twitter.
He said: “After 14 years in Parliament, and multiple roles in Cabinet and Government, I have come to the decision not to stand again at the next general election.”
Mr Zahawi said he would continue to serve his constituents until the next election and that “the Prime Minister, and the Conservative Party, will continue to have my unswerving support into and beyond the next general election”.
Mr Zahawi was the 65th Tory MP to announce they will not stand at the next election.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.