Nadhim Zahawi used an offshore trust to hold shares in YouGov. Has now settled with HMRC.

When Zahawi founded YouGov a shareholding, equal to that of his co-founder, was allocated to a family investment trust based in Gibralter.

YouGov was founded in 2000 before Zahawi entered politics so it was unusual for a founder not to take any shares on the incorporation of the company. The trusts shares were thought to have been sold during the 2018 financial year for an estimated £27m. The estimated tax due on this, had the gain been liable to UK tax is £3.7m.

Zahawi has apparently settled with HMRC for a 7 figure sum. We await further information.