Skip to content

29 January, 2023

Subscribe Advertise About Us
  • My Account
  • Register
  • Log In
  • Log Out

Board Agenda

  • Governance
  • Strategy
  • Risk
  • Ethics
  • News
    • Categories

      • View All
      • Board Moves
    • stakeholder governance

      Threat to stakeholder governance from Twitter sale ‘overstated’

      Academics and experts argue stakeholder governance will always come second while the law puts the...

    • Davos resilience News round-up: this week in governance

      Lessons from Davos; companies risk sliding back on ethical practices; economics affects everyone; Sir John...

    • audit reform UK Audit reform in the UK risks ‘losing momentum’

      The Financial Reporting Council still awaits the proposed new statutory powers that would allow it...

  • Insight
    • Categories

      • View all
      • Governance
      • Strategy
      • Risk
      • Ethics
      • Board Expertise
      • finance
      • Technology
    • climate litigation

      Climate litigation: how 2022 will shape 2023

      This past year saw a rise in climate litigation, with a focus on the commercial...

    • value whistleblowing

      Why we need to value whistleblowing

      Encouraging staff to speak up and stop harm can reduce legal and reputational risk—both for...

    • HR corporate trust

      HR: How to build employee trust in corporate culture

      The right HR director is essential to lead on a culture that gets the best...

  • Comment
      • View all
    • A week of business moving to the centre of human rights

      A week of events signals the initiatives underway to have companies play a central role...

    • audit reform IIA Why we need audit reform right now

      There is an "urgent need" for reform to the audit landscape as well as internal...

    • climate change energy crisis Sustainability and climate change: the other energy crisis

      The world is addicted to cheap energy. We need to admit this and have the...

  • Interviews
      • View All Interviews
      • Podcasts
      • Webinars
    • Board priorities 2023 Board priorities 2023: tact, trust and transparency

      We asked key figures what would help boards this year. The answers ranged from 'smarter...

    • Group of investors/shareholders in glass building Climate issues likely to figure prominently at next year’s AGMs

      A recent webinar heard that say-on-climate voting is expected to rise, while ESG remains a...

    • NEDs role NEDs ‘needed more than ever’ in times of uncertainty

      The non-executive director’s role is to both challenge and listen to management, agreed the panel...

  • Careers
      • View all
      • Selection
      • Board Moves
    • NED recruitment News round-up: this week in governance

      Your country needs NEDs; governance does not compute; financial firms get more women on board;...

    • HR corporate trust HR: How to build employee trust in corporate culture

      The right HR director is essential to lead on a culture that gets the best...

    • powerful CEOs Boards want powerful CEOs in tough times

      Single-minded chief executives have greater staying ability when business conditions are uncertain, research finds

  • Resource Centre
      • White Paper Downloads
      • Book Reviews
      • Corporate & Advisory Services
    • Edelman Trust Barometer 2023

      2023 Edelman Trust Barometer

      The report is the result of the Edelman Trust Institute's research, which sampled more than...

    • Sophos 2023 Threat Report

      Barriers to entry for would-be cybercriminals are lower, with tools and tactics becoming available to...

    • The C-Suite Outlook 2023: On the Edge

      The Conference Board 2023 C-Suite Outlook survey reveals the events that C-suite executives see as...

  • Events
  • Search by topic
    • Governance
    • Strategy
    • Risk
    • Ethics
    • Regulation
    • ESG
    • Investor Relations
    • Selection
    • Board Expertise
    • finance
    • Technology

Former BHS owner arrested amid tax investigation

by Katherine Blackler on November 13, 2016

HMRC has arrested Dominic Chappell as part of an ongoing inquiry into unpaid taxes, linked to his firm Swiss Rock.

Photo: Jeremy Segrott, Flickr

Dominic Chappell has been arrested as part of an investigation into unpaid taxes on profits made from the collapsed department store chain BHS.

According to The Guardian, HM Revenue & Customs (HMRC) officers arrested Chappell in a dawn raid at his home near Blandford Forum in Dorset.

Chappell’s company, Swiss Rock Ltd, owes more than £500,000 in tax, including £365,000 in VAT and £196,306 in corporation tax. BHS paid Swiss Rock at least £1.6m as part of Chappell’s controversial acquisition of the retail chain.

According to The Guardian, the arrest took place on 2 November, and he has subsequently been released.

BHS fell into administration in April 2016, causing 11,000 job losses and a £571m pension deficit.

Chappell purchased BHS for £1 in March 2015 from Sir Philip Green through the consortium Retail Acquisitions, of which Chappell owned 90%.

Retail Acquisitions collected an estimated £17m from BHS, even though it owned the chain for just 13 months before it collapsed.

In June 2016, Green told the British parliament that he would sort out the problems facing the pension scheme. However, no deal has been forthcoming.

The House of Commons voted unanimously in October to withdraw Green’s knighthood, which was awarded a decade ago for services to retail.

The BHS pension scheme is currently under assessment by the Pension Protection Fund (PPF). If no deal or settlement is reached with Green, the scheme will enter the PPF, where members’ benefits will be slashed by at least 10%.

According to The Guardian, Chappell has previously said he “earned” the money paid out from BHS, his “conscience is very clear” and his team “did the right thing, right the way through”.

The Pensions Regulator has commenced legal proceedings to try to address the BHS pension deficit, while the Financial Reporting Council and the Insolvency Service are also investigating the scandal. The Serious Fraud Office is conducting preliminary inquiries to establish whether to launch a formal investigation.

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • Mail

Related Posts

  • Global minimum corporate tax rate negotiations 'need a fairer forum'
    May 18, 2022
    Global map with currencies

    US treasury secretary Janet Yellen is in Europe to push for agreement on the deal across 136 countries. But critics warn it misses the mark.

  • Amazon shareholders call for tax transparency
    March 7, 2022
    Jeff Bezos, founder of Amazon

    Investors want Amazon to use the Global Reporting Initiative’s Tax Standard to disclose its tax arrangements.

  • Ericsson faces shareholder ire over Iraq investigation
    March 29, 2022
    Ericsson building in Stockholm, Sweden

    Reports say investors including Cevian and Norges Bank will vote against a resolution to discharge board liability over compliance breaches.

  • BP and Shell windfall tax row reveals lack of progress on purpose
    February 22, 2022
    Shell and BP retro fuel transporting trucks

    Claim that windfall tax would hurt clean energy investment shows the change in mentality towards purposeful business isn’t taking root.

For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda

BHS, Chappell, finance, HMRC, tax, UK

Search


Sign up to our Newsletter

Receive independent news, thoughtful journalism & expert insights about leadership, corporate governance & key boardroom issues straight to your inbox every week.

SIGN UP

Follow Us

 

 

 

 

Most Popular

  • Audit reform in the UK risks ‘losing momentum’
  • Activist investor campaigns rise back up to pre-Covid levels
  • How to ensure stakeholders trust your sustainability reporting
  • Elon Musk weighs in against ISS and Glass Lewis
  • Climate litigation: how 2022 will shape 2023
 

Featured Partner Profile

Diligent

Diligent

Diligent Corporation, which was founded in 2001, is headquartered in New York, NY with a European HQ in London. Diligent’s modern governance platform empowers leaders and teams at every level of the organisation to digitally transform and create ...

Featured Partner Resources

2022 AGM Season Forecast: An Eye on The Horizon

To help prepare for AGMs in 2022, Equiniti (EQ) hi...

Stakeholder Engagement: A Roadmap for UK Plc Boards

This guide aims to provide directors and their col...

Digital Boards: How Technology Adoption is Driving Culture Change and Resiliency

Digital tools proved their worth to boards during ...
Leadership in AI report

Leadership in AI

This report from Board Agenda and Mazars, in assoc...
Creativity in a Crisis: a Boardroom Map for Innovation

Creativity in a Crisis: a Boardroom Map for Innovation

In the uncertain times at the height of any crisis...
Board Directors Guide to D&O Liability Insurance - November 2020 - AIG & Board Agenda

Board Directors' Guide to D&O Liability Insurance

Directors face liability over a range of new threa...
Leadership-in-Risk-Management-Board-Report

Leadership in Risk Management: Board Report

Board Agenda, in association with Mazars and INSEA...
Director's Guide to Internal Investigations

A Director's Guide to Conducting Internal Investigations

An internal investigation must be handled meticulo...

 


 

ADVERTISE – FREE CORPORATE LISTING

FREE - Add your company profile to our Corporate & Advisory Directory.
ADD

ADVERTISE – PROMOTE YOUR REPORTS & WHITEPAPERS

FREE - Add your company profile to our Corporate & Advisory Directory.
Add Resource

Register Free

Register to receive free article views, selected resource downloads, and all the latest news alerts straight to your inbox. Register


  • Editors & Contributors
  • Editorial Advisory Board
  • Corporate & Advisory Services
  • Media Marketing Solutions
  • Contact Us
  • Careers
  • Board Director Network
  • Terms & Conditions
  • Privacy Policy
  • Cookies
  • Sitemap
|