TaxAdministrationUK investment head faces Russian tax allegations

UK investment head faces Russian tax allegations

Russian officials allege £22m in unpaid tax by foreign portfolio investment fund headed by William Browder

Russia’s biggest foreign portfolio investment fund – headed by British fund
manager William Browder – is facing a criminal investigation relating to
underpayment of tax.

Russian officials from Moscow’s Interior Ministry yesterday revealed that the
country’s law enforcement authorities were
investigating
whether a firm linked to Browder’s Hermitage Capital Management was responsible
for underpaying £22m in tax.

According to the officials, Browder is being targeted for being behind the
scheme, the
FT
reported.

‘This is a serious sum of money and it would destroy the business reputation
of anyone in the West,’ a ministry official said.

Hermitage denied underpaying taxes.

‘Taxes were paid in full compliance with Russian law,’ Hermitage said, adding
that the company also said that the company being investigated was not part of
its fund but rather an investment fund being advised by a Hermitage affiliate.

Further reading:

Hermitage
Comes Under Fire in Tax Probe

Related Articles

Paul Morton, Tax Director, Office of Tax Simplification

Administration Paul Morton, Tax Director, Office of Tax Simplification

4m Emma Smith, Managing Editor
LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

5m Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

6m Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

6m Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

8m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

8m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

2y Fraser Simpson, Reporter