Lady Nina Bracewell-Smith has been alleged for evading £34m tax on the sale of her stake in Arsenal football club by moving to Monaco, according to documents made public in a legal battle with her commercial “adviser”.
Considered to be one of Britain’s richest women, Bracewell-Smith who was born as Nina Kakkar and is the daughter of Kuldeep Chand Kakkar, a retired Indian diplomat from Delhi, saved the capital gains tax on the £116m proceeds from selling her 15.9% stake in the club in 2011, reported The Sunday Times.
According to the newspaper, Alistair Barclay, a property consultant, claims it was he who advised her to move from London to Monaco to avoid tax.
He’s taking the former non-executive director of Arsenal to court, claiming she owes him £1m for advice that helped her avoid the £34m in tax.
As per the 2012 study, more than 2,000 Britons live in the Mediterranean tax haven.
According to the Saturday Telegraph, Bracewell-Smith was “a hotel beauty therapist with a mysterious past until she transformed herself into a wealthy member of the aristocracy.”
It is believed that Nina Kakkar moved to Britain around 1990.
Shortly after, in august 1991, she married Mark Forsyth, a “struggling computer programmer”. However, they didn’t live as man and wife, and got formally divorced in 1995.
After the dissolution of her first marriage, she later moved in withCharles Bracewell-Smith.
According to The Sunday Times, Sir Charles, 56, is the fourth Baronet of his line, and an heir to a dynasty founded by his grandfather, the late Tory MP, Sir Bracewell Smith, whose business interests included his ownership of London’s Park Lane Hotel and the Ritz, as well as a large stake in Arsenal Football Club, over which he presided as chairman for 13 years.