Nadhim Zahawi – 2023 Statement on his Tax Affairs

The statement made by Nadhim Zahawi, the Chair of the Conservative Party, on 22 January 2023.

Twenty-two years ago, I co-founded a company called YouGov. When we set it up, I didn’t have the money or the expertise to go it alone, so I asked my father to help. In the process, he took founder shares in the business in exchange for some capital and his invaluable guidance.

Twenty-one years later, when I was being appointed Chancellor of the Exchequer, questions were being raised about my tax affairs. I discussed this with the Cabinet Office at the time.

Following discussions with HMRC, they agreed that my father was entitled to founder shares in YouGov, though they disagreed about the exact allocation. They concluded that this was a ‘careless and not deliberate’ error.

So that I could focus on my life as a public servant, I chose to settle the matter and pay what they said was due, which was the right thing to do.

Additionally, HMRC agreed with my accountants that I have never set up an offshore structure, including Balshore Investments, and that I am not the beneficiary of Balshore Investments.

This matter was resolved prior to my appointments as Chancellor of the Duchy of Lancaster and subsequently chairman of the party I love so much. When I was appointed by the Prime Minister, all my tax affairs were up to date.