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Officials concluded he made a “careless and not deliberate” error, the former Chancellor said.
But Labour Party chair Anneliese Dodds insisted: “Rishi Sunak needs to remove Nadhim Zahawi and set the record straight, including about what he knew about the investigation.”
Mr Zahawi issued a statement following reports he paid a seven-figure penalty to end a row over the allocation of shares to his father 22 years ago when he founded polling company YouGov.
He said: “When being appointed Chancellor, questions were being raised about my tax affairs. I discussed this with the Cabinet Office.
“Following discussions with HMRC, they agreed my father was entitled to founder shares in YouGov, though they disagreed about the exact allocation.
“They concluded this was a ‘careless and not deliberate’ error.
“So that I could focus on my life as a public servant, I chose to settle the matter and pay what they said was due.”
Mr Zahawi said all his tax affairs were “up to date” when the Prime Minister appointed him as chairman in October.
He did not confirm the amount paid, but it has been reported to be £1.1million plus interest.
The MP denied reports that he benefited from a Gibraltar-registered family trust called Balshore Investments.
But Liberal Democrat deputy leader Daisy Cooper said: “There must be an independent investigation to get to the bottom of this.”
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