Arron Banks loses legal case; has to pay up £162,945 in taxes

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:

Arron Banks tax case ruling

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”.


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