Jamie Ritblat is battling the UK’s tax authority over tens of millions of pounds that HM Revenue & Customs claims he and his company Delancey owe.
HMRC said income and employment-related taxes are owed on £141m of profits from Delancey’s flagship fund that was paid from its DV4 Limited investment fund to 24 employees, including Ritblat, who received £63m.
The payments began months after HMRC accepted just £400 in a 2015 settlement that barred the tax authority from collecting further taxes from the trust’s beneficiaries or Delancey.
HMRC now alleges the deal was agreed on the basis of misrepresentations made by Delancey and the trust through adviser EY and law firm Olswang during the settlement negotiations. It said Delancey gave the false appearance that the partnership was an arm’s length commercial investment.
