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.
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.
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