The Court of Appeal has dismissed the appeal from the businessman finding that he owed HMRC a total of £162,945.34 in inheritance tax (IHT) on the £1m donation that he made to the UKIP party from his personal funds through a company that he controlled.

Banks made donations to the political party between October 2014 and March 2015. According to the Inheritance Tax Act 1984, these donations would be subject to an inheritance tax charge unless they were within the exemption which is set out under section 24 of the Act.