Lord Ashcroft transferred his £17m stake of his main UK company Impellam Group to a trust for his children on 5 April this year to avoid new tax rules.
The move before the new financial year meant Lord Ashcroft avoided inheritance tax on the sum at a rate of 20%, which would have amounted to around £3.4m, the BBC reports. Legislation coming into effect on 6 April forces Lords to pay tax on worldwide income and assets. Ashcroft, who is the Conservative party chairman, said in March he agreed with the new tax rules on House of Lords members, and pledged in an interview on election night to become a full UK taxpayer after a long history of avoiding tax in this country. In 2000, Lord Ashcroft was allowed to take up his House of Lords sea...
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