Media reports Russian businessman Abramovich possibly to owe UK £1bn
Date
1/31/2025 11:43:42 PM
(MENAFN) Russian billionaire Roman Abramovich, former owner of Chelsea FC, could owe up to £1 billion ($1.2 billion) in unpaid taxes to the UK, according to an investigation by The Guardian, BBC, and the Bureau of Investigative Journalism. The probe, based on leaked documents and court filings, suggests Abramovich’s offshore investment network—spanning Cyprus and the British Virgin Islands—failed to pay taxes on profits generated from hedge funds.
The investigation indicates that between 2004 and 2018, Abramovich’s offshore dealings may have generated profits totaling $3.8 billion. If UK tax authorities determine these profits should have been taxed in Britain, Abramovich’s companies could face a tax liability of £536 million, which could rise to £1 billion when interest and penalties are added.
While Abramovich’s lawyers argue that he followed professional tax advice and deny personal responsibility for any tax failure, the findings have prompted calls for an official investigation by HM Revenue and Customs (HMRC). The tycoon, sanctioned by the UK in 2022 due to alleged ties with the Kremlin, had his assets frozen, including the sale of Chelsea FC, which was not completed due to sanctions.
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