Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Zahawi: Millionaire former chancellor in hot water over tax affairs

Zahawi: Millionaire former chancellor in hot water over tax affairs

From child refugee to entrepreneur and Cabinet minister, Mr Zahawi has a compelling backstory
Nadhim Zahawi, the Tory chairman in hot water over his tax affairs, is a multi-millionaire former businessman who had a meteoric rise to political power.

He has a compelling backstory, having made it as an entrepreneur after coming to the UK as a child refugee unable to speak English.

Born in Iraq to a Kurdish family, Mr Zahawi arrived in England as a nine-year-old when his parents fled the regime of Saddam Hussein.


He grew up in Sussex and studied chemical engineering at University College London.

In 2000, Mr Zahawi co-founded the YouGov polling company, staying involved in the running of the successful firm for a decade and becoming very wealthy in the process.

But his financial affairs have been in the spotlight amid claims he avoided tax, using an offshore company registered in Gibraltar to hold shares in YouGov, allegations he denies.

He recently admitted that he paid what HM Revenue & Customs said “was due” after the tax authority “disagreed about the exact allocation” of founder shares in the firm held by his father.

Mr Zahawi is believed to be one of the richest politicians in the House of Commons.

He first entered Parliament in 2010 as the Tory MP for Stratford-upon-Avon, Warwickshire.

He spent nearly eight years on the backbenches, gaining media attention in 2013 for claiming expenses for heating stables for his horses.

Getting his first junior minister role in the Department for Education under Theresa May in 2018, he soon rose up the ranks to become Education Secretary.

But it was when he was promoted to help lead the Government’s Covid-19 vaccine roll-out in 2020 that he rose to prominence.

Mr Zahawi was appointed chancellor by Boris Johnson last summer, hours after Rishi Sunak’s dramatic resignation, and the day before the scandal-plagued then-prime minister was forced to quit.

Questions are swirling as to whether Mr Zahawi negotiated the dispute with HMRC during his two-month stint in the job, when he was in charge of the country’s taxation.

He made a doomed attempt to replace Mr Johnson in the Tory leadership race.

When Liz Truss emerged victorious, she appointed Mr Zahawi Chancellor of the Duchy of Lancaster.

After her premiership imploded, Mr Zahawi initially announced he would be backing Mr Johnson to return as PM, before switching allegiance to Mr Sunak on the same day, after the former leader said he would not be entering the contest.

Mr Sunak is now facing questions over how much he knew about Mr Zahawi’s tax affairs when he brought him into his Cabinet, as minister without portfolio in the Cabinet Office and Conservative party chairman.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Man Convicted of Fraud After Booking Over 120 Free Flights Posing as Flight Attendant
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Beata Thunberg Rebrands as Beata Ernman Amidst Sister's Activism Controversy
Hungarian Parliament Approves Citizenship Suspension Law
Prime Minister Orbán Criticizes EU's Ukraine Accession Plans
Hungarian Delicacies Introduced to Japanese Market
Hungary's Industrial Output Rises Amid Battery Sector Slump
President Sulyok Celebrates 15 Years of Hungarian Unity Efforts
Hungary's Szeleczki Shines at World Judo Championships
Visegrád Construction Trends Diverge as Hungary Lags
Hungary Hosts National Quantum Technology Workshop
Hungarian Animation Featured at Annecy Festival
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
UK and EU Reach New Economic Agreement
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Austrian School Shooting Leaves Nine Dead in Graz
Bezos's Lavish Venice Wedding Sparks Local Protests
Europe Prepares for Historic Lunar Rover Landing
Italian Parents Seek Therapy Amid Lengthy School Holidays
British Fishing Vessel Seized by France Fined €30,000
Dutch Government Collapses Amid Migration Policy Dispute
UK Commits to 3.5% GDP Defence Spending Under NATO Pressure
Germany Moves to Expedite Migrant Deportations
US Urges UK to Raise Defence Spending to 5% of GDP
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Low Turnout Jeopardizes Italy's Citizenship Reform Referendum
Transatlantic Interest Rate Divergence Widens as Trump Pressures Powell
EU Lawmaker Calls for Broader Exemptions in Supply Chain Legislation
France's Defense Spending Plans Threatened by High National Debt
European Small-Cap Stocks Outperform U.S. Rivals Amid Growth Revival
Switzerland Proposes $26 Billion Capital Increase for UBS
×