Owners of JCB empire could face £500m tax bill

JCB owners Anthony and Mark Bamford could receive a bill of £500m from HMRC to settle an investigation over tax affairs.

According to The Guardian, Lord Bamford and his brother Mark (a director of the Conservative Party Foundation) have been at the centre of the investigation for the past three years over an alleged network of offshore tax havens and companies.

The prolific Tory donors took over the JCB empire from their father, Joseph Bamford, who died in 2001. The investigation is particularly looking into when the brothers acquired those shares from the late Mr Bamford. 

Around £10m has been donated by the family in the last 20 years, with Lord Bamford funding and hosting Boris Johnson’s wedding to Carrie in 2021 at his Daylesford estate in the Cotswolds.

It was revealed by The Guardian last month that the pair were under investigation by HMRC but allege that Lord Bamford has not informed parliamentary authorities that he is subject to the serious tax investigation. 

Since becoming chairman of the construction equipment manufacturer, Lord Bamford has taken JCB from a one-factory operation in Staffordshire to a global business with 22 plants around the world employing more than 18,000 people.

JCB reported a record turnover of £4.4bn in 2022 and a profit before tax of £501.6m. 

Lawyers acting for Lord Bamford and Mark Bamford declined to comment to The Guardian on the record.

And a HMRC spokesperson said: “We neither confirm nor deny investigations and cannot comment on identifiable taxpayers or businesses due to strict confidentiality laws.”