Newly-appointed Chancellor Nadhim Zahawi is reportedly being investigated by HM Revenue & Customs over his tax affairs.
The Tory leadership candidate has denied any wrongdoing in response to a story in the Sunday Times today.
Mr Zahawi, 55, has pledged to co-operate with any inquiries. A spokeswoman for the Stratford-upon-Avon MP said: “All Mr Zahawi’s financial interests have been properly and transparently declared.
“Mr Zahawi is not aware of any formal investigation by HMRC. His taxes are all fully paid and up to date.
“He will provide full information to any queries that HMRC have about his tax affairs.”
Another report in the Observer claims a “flag” was raised by HM Revenue and Customs officials over his financial affairs before he was made Chancellor.
Civil servants in the Cabinet Office’s propriety and ethics team are said to have alerted Boris Johnson.
Mr Zahawi’s family fled Iraq when he was 11. He now boasts a vast property portfolio and is estimated to be worth £100million.
He has spoken about how he was bullied at school after he arrived in the UK unable to speak English.
Mr Johnson named Mr Zahawi as the new Chancellor after Rishi Sunak's resignation, which led to dozens of other ministers quitting and eventually forced the PM to resign.
The 55-year-old had previously served as Education Secretary, a role he took over from Gavin Williamson last September.
Mr Zahawi has had a meteoric rise to the second most important job in Government, having been widely praised for his role as Vaccines Minister during the pandemic.
Believed to be one of the richest MPs, he helped found polling company YouGov after studying chemical engineering at University College London.
He became MP for Stratford-upon-Avon in 2010 and was appointed as a junior education minister by Theresa May before rising through the ranks.
Mr Zahawi's promotion to Chancellor comes at a critical time, with the autumn budget likely to be crucial to dealing with the cost of living crisis, with energy bills expected to rise sharply in October.
