Saturday, February 23, 2019

Former BHS owner Dominic Chappell in tax battle with HMRC


Dominic Chappell has come under fire from HMRC who have started legal proceedings against him.

The former BHS owner, who is already being investigated for his handling of the department store giant‘s downfall, is now being chased by the HMRC over tax disputes according to The Guardian.

HMRC have submitted a petition urging Chappell to wind up his personal business Swiss Rock Limited and a hearing was scheduled for Monday.

A spokerson for HMRC told The Guardian: “HMRC does not comment on identifiable cases. Our aim is to efficiently collect the debts due and to prevent things deteriorating further.

“We only initiate winding up action where we believe this is the best way to protect both the interests of other taxpayers and creditors.”

RELATED: Sir Philip Green offers £300 million to drop legal action

Swiss Rock received at least £1.6 million from BHS during its acquisition by Chappell. 

Despite the investment, Chappell announced before the petition that Swiss Rock would go into insolvency. He said this was because he doesn‘t use the company any more.

Regardless of being under investigation by the Insolvency Service and the Pensions Regulator, Chappell has as yet failed to submit details of the money his company removed from BHS, despite promising to do so in July.

It was also revealed recently that Chappell‘s family home in Dorset was close to being repossessed, yet was saved by a loan from Retail Acquisitions of £1.5 million. 

It is estimated that Retail Acquisitions received at least £17 million from BHS in what has been dubbed a “systematic plunder”.

The family home has now been removed from the security on the loan. 

No registry documents list Retail Acquisitions as a lender on the property, therefore if the £1.5 million loan is ordered to be repaid to help plug the hundreds of millions of pounds worth of pensions deficit, Chappell‘s property cannot be claimed.

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