Arron Banks, already facing multiple official investigations into his financing of the pro-Brexit cause in Britain, has lost his appeal against HMRC. As a result, he is going to have to pay up £162,945 in taxes:
Here’s the background to the inheritance tax case, which was about whether or not a donation to Ukip was exempt from tax:
This isn’t the only new bad news for Arron Banks. For The Sunday Times reports that the Finacial Conduct Authority (FCA) is now also investigating him:
The Financial Conduct Authority (FCA), which regulates the insurance industry in which Banks made a fortune, contacted him on Friday after it emerged that he was under criminal investigation by the National Crime Agency. A source close to Banks said the FCA’s decision was “a worry because they could shut him down pretty much overnight”.