MP denies claim she deliberately reduced tax bill

Andrea Leadsom MP

Andrea Leadsom MP

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Northamptonshire South MP Andrea Leadsom has rebuked claims in national newspapers that she used trusts to reduce her tax bill as ‘totally untrue’.

The newly installed treasury minister made the response after a story emerged in the Independent and other media last week alleging she chose to place the shares of a property company she owned with her husband – Bandal ltd – into trusts for the benefit of her three children to avoid inheritance tax in 2004.

The paper also accused the MP of obtaining loans for two of its buy-to-let properties with a Jersey branch of an investment bank in a further tax avoidance scheme in 2006. The reports did not accuse Ms Leadsom of doing anything illegal but made the link to Chancellor George Osborne stating an important part of his economic plan was clamping down on those using offshore banks.

 

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