Sutton Coldfield MP Andrew Mitchell has issued an angry denial after a television investigation accused him of avoiding tax on an overseas fund.
The International Development Secretary was criticised in an episode of Channel 4’s Dispatches programme, due to be broadcast tonight (Monday).
But the Conservative MP insisted the claims about him were untrue.
Mr Mitchell said: “I am an investor in an international property fund which is properly governed.
“I will be paying full UK tax on any profits which may emerge.”
The MP is said to have invested at least £130,000 in two property investment funds in the British Virgin Islands.
But these have not yet made a profit, and any profits they did return would be recorded as income and taxed in the UK in the usual way, according to the MP.
He is believed to have instructed lawyers to examine the contents of the programme, which also makes claims about the financial affairs of Chancellor George Osborne, and Transport Secretary Philip Hammond.
It reports that Mr Osborne, who stands to inherit a fortune from his father’s luxury wallpaper firm, stands to gain more than £4 million from a trust fund, and that the trust fund arrangements will save him and other beneficiaries £1.6 million in inheritance tax.
Dispatches also claims that Mr Hammond, whose £7.5million fortune makes him one of the wealthiest of the Cabinet’s 18 millionaires, pays himself share dividends instead of a salary from his property firm Castlemead.
A source close to Mr Mitchell described the programme as “gutter journalism”.
