Industry - - Nov 15,2016
A non-ministerial department of the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) arrested Dominic Chappell, the former owner of BHS (British Home Stores) in relation to an unpaid tax bill of about £500,000.
Dominic Chappell is a former bankrupt who acquired BHS last year from Sir Philip Green at the valuation of 1 Euro. Mr. Chappell was arrested for failing to submit the tax that rose to £500,000. He was arrested on 2nd November by HM Revenue and Customs. On the same day, the Pensions Regulator started the enforcement action against Mr. Chappell and former owner Sir Philip to find a remedy on behalf of the pension scheme of BHS.
HMRC did not disclose the identity of the ex-BHS owner, but the 49 years old businessman did interact with the media houses confirming this event.
Chappell grabbed a total of £2.6m out of BHS, counting a salary of £600,000. During a media conference, Mr. Chappell said “Did I take a lot of money out? Yes, I did. But the entire business fail because of the amount of money I took out? No, it didn’t.” He also said, “This was just a drop in the ocean compared to the money that was needed to turn around BHS.” These damages in the fund were carried by Mr. Dominic Chappell in 2015. The effect was experienced in the month of April and later the stores were shut in August causing a loss of approximately 11,000 employments and leaving a pension scheme dearth of hundreds of millions of pounds.
According to a report released in the month of September, Chappell’s company Swiss Rock owes £365,000 in VAT and £196,306 in corporation tax. In order to avoid the payment of the debts, Mr. Chappell has put his company Swiss Rock into liquidation.