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HMRC should probe Tory tax deal, say Lib Dems. By Dan Martin

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16th Oct 2006
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The Liberal Democrats have called on HMRC to launch an investigation into the offshore company deal which allowed the Conservatives to buy their former headquarters.

Through the £15.6m deal arranged by businessman Christopher Moran in 2005, the Tories purchased a property in Smith Square, central London as well as a connecting plot. As they were bought through an offshore company, the party avoided paying stamp duty.

Moran has claimed there was "absolutely nothing" improper in the deal but Liberal Democrat Treasury spokesman, Lord Oakeshott said the Revenue should investigate because it could lose out on more than £1.2m in stamp duty.

"If the Tories had no choice but to buy the offshore company, the proper thing for them to do was to bring it onshore straight away and pay the stamp duty," he told 'The Observer'.

"By keeping it offshore, it not only helps them to avoid stamp duty but the next purchaser as well. While there may be nothing illegal in what they have done it, it is not the way a political party should behave."

'The Observer' claimed that the Conservatives hope to sell the properties for more than £30m, making a profit to help fund the party's election campaign.

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