Tories ask HMRC to investigate whether Nigel Farage owes tax on £5m gift
Summary
The Conservative Party has asked the UK tax authority, HMRC, to check if Nigel Farage should have paid tax on a £5 million gift from Christopher Harborne. The gift's tax status is questioned because it might be linked to Farage running for Parliament, which would affect how it should be treated for tax purposes.Key Facts
- Nigel Farage received a £5 million gift from crypto billionaire Christopher Harborne.
- The Conservative Party chair, Kevin Hollinrake, requested HMRC investigate if the gift was taxable income.
- Farage says the money was a personal gift given with no expectations.
- Reports claim Farage sought £1 million yearly to compensate for lost earnings if he ran for office.
- Harborne’s lawyers say the gift was truly personal with no expectation of Farage returning to politics.
- Tax experts suggest the payment might be taxable under rules about income from political work.
- Farage faces a parliamentary standards investigation over this gift and other undeclared funding.
- Rules require MPs to declare political gifts received in the year before entering Parliament.
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